Mongolia and the World Bank have signed two agreements totaling USD 21 million to mitigate the impact of the COVID-19 pandemic on the economy and society and protect medical workers from the virus. The agreements were signed by Ch.Khurelbaatar and Andrei Mikhnev, World Bank country manager for Mongolia.

Of the total amount of financing, USD 20 million are in the form of a soft loan to provide temporary relief to eligible workers and employers in response to the COVID-19 pandemic and help provide the country’s jobseekers and micro-entrepreneurs with improved access to labor market opportunities, said Ch.Khurelbaatar.

The remaining non-refundable aid of USD 1 million will be spent on protecting Mongolian health care workers who are working on the front line against the novel coronavirus.