ADB approves $100 million loan to spur climate action in Mongolia

by IANS |

Manila, Nov 18 (IANS) The Asian Development Bank (ADB) said on Monday that it has approved a policy-based loan of $100 million to help accelerate and sustain investment in climate action in Mongolia.

The Accelerating Climate Investment Program will "help Mongolia anchor climate action in national plans and budgets and catalyse public and private climate finance to accelerate a low-carbon, inclusive, and resilient economy," said ADB's Country Director for Mongolia Shannon Cowlin.

Mongolia is vulnerable to climate-related hazards and is particularly at risk of the impacts of global warming, reports Xinhua, citing the ADB press release.

The program will help strengthen the institutional framework, investment planning, and budgeting system for climate action, the Manila-based bank said.