Mongolia Offers Cashmere Makers Loans to Cut Reliance on Mining - Businessweek: "Mongolia approved $86.2 million of loans for cashmere, clothing and dairy companies as the government seeks to reduce the nation’s reliance on mining for economic growth.
The Cabinet approved the loans, which are four and a half years in length, at a regular meeting on April 13, according to a statement posted to the government’s website. The funds consist of $45 million for cashmere companies, $13.5 million for other clothing makers and $27.7 million for dairy producers. The statement didn’t give interest rates for the loans.
Mongolia’s mining industry, which fueled a tripling of its economy in six years, employs less than five percent of the workforce, according to government data. That’s put pressure on policy makers to do more to boost living standards in a nation where almost a third of the population lives in poverty."
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