11 October 2019 by Transparency International Mongolia

Corruption is preventing businesses in Mongolia to expand as applications for loans from Mongolia’s Small and Medium Enterprise Development Fund continue to be unsuccessful. Meanwhile, politicians use it to enrich themselves. A shocking 110 out of the 132 companies that received a low-interest loan in 2018 were owned by politicians or their relatives. This information could be retrieved due to a change in the information law, requiring all financial information to be public and transparent. The consequences were large, as loans had to be paid back, politicians were held accountable, control measures were put in place and government activities were observed even more closely.

 

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