USAID partners with Mongolian Mortgage Corporation to develop Mongolia’s housing finance sector

DCA signing

Ulaanbaatar, September 29, 2011 – The U.S. Agency for International Development (USAID) and Mongolian Mortgage Corporation (MIK) announced today a new collaboration that will increase the availability of long-term housing finance in Mongolia. USAID is assisting MIK in developing a secondary mortgage market with a partial guarantee that will provide credit enhancement to make MIK’s bonds more attractive to investors. Through the bond sales, USAID expects MIK will improve the liquidity and affordability of mortgage loans and stimulate private sector lending for housing finance.
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Reports

• USAID staff conducted a site visit to South Gobi mining site.  This site visit was carried out to fulfill USAID’s due diligence responsibilities under the International Financial Institutions Act, Title XIII, Section 1303(a)(3), which requires USAID to review multilateral development bank (MDB) projects with potential adverse environmental and social impacts.  Mongolia – Oyu Tolgoi Mine Project Trip Report (May-June 2011) prepared by Leslie Johnston USAID/Washington, EGAT/ESP.
• The USAID Mongolia’s Biodiversity Report-508 entitled MONGOLIA BIODIVERSITY: Status, Threats, and Recommendations for Conservation is now ready. This report fulfills the Biodiversity Assessment (FAA Section 119) required to inform USAID/Mongolia’s FY2011-FY2016 Country Development Cooperation Strategy and was prepared by Anila Jacob and Andrew Tobiason, USAID/EGAT/Biodiversity Team in March 2011.
• The Democracy and Governance (DG) Assessment of Mongolia was undertaken in August and September 2010 by ARD, Inc., a subsidiary of Tetra Tech, under the auspices of the USAID Office of Democracy and Governance (DCHA/DG) and USAID/Mongolia.
• We are pleased to share the Mongolia Economic Growth Assessment report. This publication was prepared by Weidemann Associates, Inc. for USAID/Mongolia’s new strategy paper and financed by the Office of Economic Growth of EGAT/USAID.