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Friday, September 14, 2007

Web site

The web site of UB Post is up and running now. Yesterday, the US Embassy in Ulaanbaatar stated that the Board of Directors of the Millennium Challenge Corporation approved on September 12 a five-year, nearly US$285 million Millennium Challenge Compact with Mongolia to reduce poverty of the country though economic growth.

The Compact with Mongolia will invest in improving the efficiency and capacity of the country’s critical rail system, the backbone of Mongolia’s economy. MCC is also working with Mongolia to improve the ability of Mongolians to register and obtain clear title to their land, reform the vocational education system to meet the demands of the market, and improve the health and well-being of the labor force by reducing non-communicable diseases and injuries.

“I congratulate the people and government of Mongolia,” Ambassador John Danilovich, MCC’s CEO said. “They have made a tremendous effort to make this Compact a reality. We are excited to partner with them to accelerate Mongolia’s economic growth.”

“Our partnership with Mongolia will have a significant impact on Mongolians living in poverty by enabling them to take advantage of the opportunities created by the MCC Compact, particularly in the transportation, land, education, and health sectors,” Ambassador Danilovich said.

The rail and health projects, for instance, are expected to have economy-wide impact. In addition, the Health, Vocational Education and Property Rights Projects of the Compact are expected to reach over 1.5 million direct beneficiaries.

With the approval of Mongolia’s Compact, MCC now has compacts with 15 partner countries in Africa, Central America, Eurasia and the Pacific, totaling nearly US$4.9 billion.

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