In his monthly letter to shareholders, the head of the Canadian investment group Mongolia Growth Group (MGG) says Mongolia “seems remarkably unaffected by the debt crisis in Europe.”

In the letter, MGG Chairman and CEO Harris Kupperman writes, “In drastic contrast to the fear that I”ve witnessed in the Western World, Mongolia is doing just fine.”

Kupperman says MGG recently raised CDN 15 million (USD 14.8 million), which will be used to purchase “several larger assets.”

“I am hopeful that we can close on a number of these in the first quarter of 2012,” writes Kupperman. Kupperman also says MGG recently donated more than 200 textbooks to schools in the ger districts of Ulaanbaatar. “As long term investors in Mongolia,” he writes, “we see education as a primary way to facilitate continued economic growth and ensure that everyone participates in this growth.”