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The ADB report highlights the crucial role of micro, small, and medium-sized enterprises (MSMEs) in Mongolia's economic development and job creation. However, they are mostly informal and vulnerable to external shocks such as the COVID-19 pandemic. To address the fallout from COVID-19 on MSMEs in Mongolia, improving financial literacy, providing information on concessional financing, and providing equipment for business development and expansion are key. An effective approach to supporting MSMEs in ger (traditional dwelling) areas of Mongolia is capacity building through training and mentoring, as well as providing equipment grants. The increased confidence and knowledge generated by the capacity-building activities, along with direct equipment support, will enable MSMEs to continue being the core business engine for growth in Mongolia.
