Mongolia has signed four financing agreements (two loans and two non-refundable aids) worth of USD 85.6 million with the Asian Development Bank (ADB) with the aim of developing its tax administration and public investment management using information and communication technology (ICT) as well as decentralized system of renewable energy. The signing ceremony was attended by Yolanda Fernandez Lommen, Country Director of Asian Development Bank (ADB) for Mongolia and Ch.Khurelbaatar, Minister of Finance as well other officials from the Energy Ministry and  General Taxation Agency of Mongolia on 2 November.

The ADB has been successfully cooperating with Mongolian Government on projects for solving the most outstanding issues. For example, the GoM has been making efforts to increase the use of renewable energy since 2000. However, the share of renewable energy in Mongolia’s energy mix remains low at 12%. ADB’s assistance for this project will help the government meet its goals under its State Policy on Energy, 2015–2030, which aims to raise the share of renewable energy to 20% by 2023 and 30% by 2030.