The country is located on the Mongolian plateau and has a continental climate with tundra and steppe areas in the north, mountainous area (Altai) in the middle, and desert (Gobi) in the south. About 42% of the mostly Buddhist population lives in the capital Ulaanbaatar. The rest of the population lives mainly nomadic in traditional felt tents (Ger, also called Joert) and provides for its necessities of life through livestock farming. Sheep, horses, goats, camels are kept in free-roaming herds. In the north of the country there is some form of industry, like wood processing and mining.
Social and economic situation
After freeing itself from Russian rule, Mongolia has made great strides in the past two decades, which have taken decades or centuries for most developed countries. They are expected to continue to make progress in the coming years, if free from corruption and conflicts of interest.
Microfinance plays an important role in Mongolia and has a positive effect on economic development. Now after 20 years, the possibilities have changed dramatically: people can use the financial services of banks and other financial institutions in Mongolia. They can take out more than one loan. That has also greatly changed the needs of these people: they need training to manage the costs and expenses of their household and businesses. In addition, there is a strong need to gain better insight into the development of healthy and stable businesses.
Micro-business now in Mongolia
96% of companies in Mongolia are SME’s with fewer than 10 employees. Most belong to the craft and retail sectors. Entrepreneurial capacity is limited and there is often not enough capital to invest. There is also insufficient knowledge about dealing with finances. In addition, there is too little practical and relevant innovation. There is also not enough support from the government, and the taxes are high.
Partner(s) in Mongolia
MINA is a microfinance organization that has been active in Mongolia since October 2000. Their vision is to reduce poverty in Mongolia. The reason for this was the perceived difficulties poor people have in accessing financial services, and a lack of knowledge of how to handle finances. It was very difficult for them to use …
Businesses in Mongolia
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