MANILA, Nov. 18 (Xinhua) -- The Asian Development Bank (ADB) said Monday that it has approved a policy-based loan of 100 million U.S. dollars 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 catalyze 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, said the ADB in a press release.
The program will help strengthen the institutional framework, investment planning, and budgeting system for climate action, the Manila-based bank said. ■