Mongolia joins World Bank’s IDA as donor

Mongolia has officially become a donor to the World Bank Group’s International Development Association (IDA), following approval from its parliament. The country will contribute 4.8 billion MNT, approximately US$1.3 million, to the IDA21 replenishment round.

This transition marks a significant milestone in Mongolia’s economic development. Since joining the World Bank in 1991, the nation has received over US$1.62 billion in development financing for sectors including health, education, transport, and rural development. Mongolia graduated from IDA support in July 2020, transitioning to a client of the International Bank for Reconstruction and Development (IBRD).

Finance Minister Mendsaikhan Zagdjav stated that the contribution reflects Mongolia’s commitment to international solidarity and recognizes the vital role of concessional financing in reducing poverty. The IDA serves 78 low-income countries, providing grants and highly concessional financing to strengthen resilience and expand opportunities.