Cheaper credit and signs of long-awaited movement in Mongolia’s mining industry are fuelling hopes of a rebound in the country’s banking sector.
With a combination of extreme summer drought and severe winter chill taking its toll on Mongolia’s livestock industry, the country is looking to financial incentives and targeted investment to bolster regional exports.
Like many of its emerging market peers, Mongolia felt the weight of falling commodities prices and weaker global demand in 2015. However, progress made in moving major mining and transport infrastructure projects forward is expected to pave the way for recovery in the near to medium term.
With renewed backing from international lenders, Mongolia is moving ahead with plans to broaden its logistics base and improve access to export markets, with a raft of transport infrastructure projects shifting into gear.
Mongolia’s remote regions are beginning to feel the benefits of public and private initiatives aimed at attracting investment and promoting rural development in a bid to tackle rising levels of urbanisation and imbalances in regional wealth.