PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

606693

Primary Business Area

Other

Disclosure Date

Jun 8, 2023

Country

Mongolia

Region

East Asia and the Pacific

IFC Approval Date

Jun 10, 2022

Status

Completed

Estimated Total Budget

$748,964.00
(Project budget includes all project-funded activities)

Last Updated Date

Jul 20, 2024

Project Estimated Start Date

Jun 10, 2022

Project Estimated End Date

Jun 30, 2025

Project Description

IFC will provide support to the Ministry of Economy and Development (MoED) and other key stakeholders to improve Mongolia’s investment climate via amending Investment law, strengthening investment protection and resolving investors grievances by implementing the Systemic Investor Response Mechanism (SIRM). The SIRM is supported by online tracking tool that collects grievances through a special application form, and distributes the cases to the relevant authorities based on specific criteria and analysis. The authorities have to respond to the MoED and the investors within times specified by the SIRM bylaw. Operation of such system would allow timely response to investors grievances and resolve conflict before its escalation to an international arbitration which would save the country's reputation as well as prevent additional costs linked with arbitrations. The project will do capacity building of the relevant government authorities including local agencies in respect to screening their policies and regulatory requirements against potential breach of core investment guarantees, and provide advice in resolution of grievances based on international and national laws.

Development Results

E&S Risks / Impacts and Mitigation