A pioneering
financial institution is forging new paths for digital innovation and
sustainable development in a promising Central Asian economy.
Mongolia, a mineral-rich nation strategically located between China
and Russia, is bouncing back strongly from a pandemic slump – with the Asian
Development Bank (ADB) forecasting its economy to grow 5.4 percent in 2023.
While its development remains heavily dependent on coal, Mongolia’s
potential for sustainable development through renewable energy is enormous. The
ADB estimates its combined wind and solar potential to be enough to meet not
only its own energy demand – but also Northeast Asia’s needs with suitable transmission
infrastructure.
One of the chief ways the landlocked nation can invest in a brighter
future of sustainable and inclusive growth is through transition to a digital
economy, which can reduce its dependence on commodities exports and drive less
carbon-intensive industries.
“The Mongolian economy stands to…
