On May 6, a Mongolian delegation led by S. Bayartsogt, Minister of Finance, attended the 44th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) held in Hanoi, Vietnam.

During the meeting, Finance Minister S. Bayartsogt met with Mr.Hiroshi Kodera, Vice President of the Japan International Cooperation Agency (JICA) and shared views on guidelines of the Mongolia-JICA cooperation and on progress of the projects that are now being implemented.

Japan plans to update its assistance program and the Japanese side reported to cooperate with Mongolia in the three directions of priority. The Finance Minister issues with JICA’s representatives on detailed directions and spheres within the frames of basic cooperation directions.

The Mongolia’s delegation held meetings with Kazu Sakai, Director General of ADB’s Strategy and Policy Department; and K. Gerhaeusser,Director General of ADB’s East Asia Department for discussing augmentation of Mongolia’s credit rating and the opportunity to finance Mongolia with ordinary sources of the ADB.

The Finance Minister also heard about the process of the ADB’s research working group. If Mongolia has an opportunity to get financing from ADB’s ordinary source, it will be possible that the biggest infrastructure projects can be realized. A strategic document is being drawn up on cooperation between Mongolia’s government and the ADB until 2015.Thus, the credit rating of Mongolia and the matter of financial sources are important to finally establish the strategic document. Mr. Sakai reported that the ADB’s

Board of Governors is working to augment the Mongolia’s credit rating within this year. The Mongolia’s delegation and Mr. Gerhaeusser shared views on implementation and the course of the projects realized in Mongolia with ADB’s financing.

The Finance Minister also met with Hiroshi Watanabe, President of the Japan Bank for International Cooperation (JBIC). S.Bayartsogt heard a briefing about present activities and structure of the JBIC,and introduced to Mr. Watanabe to the reforms and policy of Mongolia.

They also exchanged views on the opportunity to finance the biggest projects and programs with great importance for the development of Mongolia. The ADB side expressed willingness to collaborate with Mongolia in these matters.

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