Dr Kim, where is Mongolia's economic diversification? (Bretton Woods Project): "In late February the World Bank’s private sector arm, the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) decided to spearhead a $4 billion dollar syndicated loan to a copper, gold and silver mine located in the Gobi Desert in Mongolia, which is also backed by a $1 billion political risks guarantee provided by the World Bank’s Multilateral Investment Guarantee Agency (MIGA). Yet the details of this 10-year-old project are constantly changing, meaning that the Mongolian people do not know what or whom to believe. An increasing number believe that it is going to lead Mongolia to dependence on one product and one corporation, driving the country into deep insecurity."
'via Blog this'
