Ulaanbaatar, Mongolia, May 13, 2022—IFC has signed an agreement with Ministry of Mining and Heavy Industry (MMHI) today to build digital skills of people, including those in the public sector, to spur greater use and understanding of existing data for the benefit of local mining communities.
Under the signing of a memorandum of understanding (MoU), IFC will provide technical assistance to MMHI on open data best practices, which can meet the information needs of local communities about mining and build the digital skills of local officials, communities, civil society organizations and others to use the available data. Information sharing is critical to the government of Mongolia's goal of continuously building a transparent and responsible mining sector in line with the nation's long-term development policy Vision 2050.
G. Yondon, Mongolia's Minister for Mining and Heavy Industry, noted: "Last year, mining made up 24 percent of Mongolia's gross domestic product (GDP), 77 percent of foreign direct investment, and 93 percent of exports. Sharing more information with local communities is essential for the industry to gain the social license to operate and prosper. Additionally, it will allow Mongolia to attract more long-term investors and rebuild the economy in a sustainable and inclusive way."
IFC's work is part of its global initiative called "From Disclosure to Development Program" (D2D).
Rufat Alimardanov, IFC's Resident Representative in Mongolia, said: "Effective disclosures and data use practices are vital to help ensure that all stakeholders can share in the benefits generated from investments in the mining sector. It especially helps local communities better understand benefits mining operations can create —jobs, supply chain opportunities for local businesses, among others —as well as environmental and social risks that impact their lives. We are optimistic that this initiative will contribute to building trust between investors and communities, paving the way for sustainable and inclusive mining development in Mongolia."
Since 2019, IFC's D2D program has been promoting better disclosure and open data usage in Mongolia in partnership with the BHP Foundation. So far, the program has reached over 500 infomediaries in the private and public sectors – such as civil society, media, academia, and youth – through over 15 data capacity building sessions and data competitions.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
Stay Connected
www.ifc.org/eastasia
www.twitter.com/IFC_EAP
www.youtube.com/IFCvideocasts
www.ifc.org/SocialMediaIndex
www.instagram.com/ifc_org
www.facebook.com/IFCeap
www.facebook.com/IFCwb
www.linkedin.com/showcase/ifc-asiapacific
