On the occasion of the IFC appointing Matthieu Le Blan as the Resident Representative for Mongolia, we are pleased to share his strategy and vision for the country. Building on IFC’s long-standing commitment since 1997, Le Blan outlines IFC’s forward-looking focus on 3 key areas.

Mongolia presents a unique set of opportunities and challenges. How has IFC contributed to its development over the years?

IFC has been actively engaged in Mongolia since 1997, working to address the country’s development challenges. Over the years, we have invested and mobilized over $5 billion to support private sector-led growth across key industries, including sustainable mining, banking, hospitality, services, and financing for micro, small, and medium-sized enterprises (MSMEs).

Beyond investments, we have expanded our advisory services to help the Mongolian government and businesses foster private sector growth in critical areas such as livestock, renewable energy, and financial services. Looking ahead, we see IFC playing an even greater role in driving Mongolia’s economic diversification and sustainable growth.

How does IFC’s strategy support economic diversification in Mongolia?

Our diversification strategy focuses on 3 main areas:

At the core of our efforts is the private sector. Creating an enabling business environment for both Mongolian companies and foreign investors is essential. According to the latest World Bank Group research, achieving Mongolia’s climate and development goals will require over $10 billion in additional investment over the next 25 years. This presents a significant opportunity for private sector engagement, fostering job creation and economic resilience.

Our work in Mongolia is an integral part of the World Bank Group’s broader mission to reduce poverty and promote sustainable growth on a livable planet.

Key Sectors for Private Sector Development

Which sectors hold the most promise for private sector growth in Mongolia?

There are several areas where we see strong opportunities:

• Financial Sector & MSME Support – IFC is actively collaborating with commercial banks and non-bank financial institutions to improve access to finance for MSMEs, particularly those led by women. We are also advancing thematic finance such as green, blue, and social loans and bonds, which have gained traction across the Asia-Pacific region and are now expanding in Mongolia.
• Sustainable Finance & Capital Markets – IFC has been instrumental in developing Mongolia’s sustainable finance market. We advised the government on green bond regulations and invested in the country’s first green bond in 2023. Last year, we also supported Mongolia’s first social bond issued by KhanBank, which will finance projects in healthcare, education, agriculture, infrastructure, and affordable housing.
• Renewable Energy & Infrastructure – Mongolia has the potential to become a major global producer of renewable energy. Just last month, IFC invested in Ulaanbaatar’s pioneering municipal bond to support a 50-megawatt battery energy storage system in Baganuur District. This project will enhance grid stability and integrate more renewable energy into Mongolia’s power supply. In June, we signed an agreement to advise the government on Mongolia’s first competitively tendered Public-Private Partnership (PPP) in the renewable energy sector.
• Municipal Infrastructure & Urban Development – Another priority is supporting municipal infrastructure. IFC will continue to work closely with the Municipality of Ulaanbaatar and secondary cities to develop PPPs for key infrastructure projects, reducing reliance on public funding. Potential projects include waste-to-energy initiatives, smart street lighting, distributed energy systems, and urban transport solutions such as cable cars and Bus Rapid Transit (BRT) systems.

What role does IFC play in promoting financial inclusion and gender equality?

Expanding financial inclusion is a priority for us. We work with financial institutions to increase access to finance for MSMEs, particularly those owned by women. A recent example is our partnership with M Bank, Mongolia’s first fully digital bank. Last year, we supported their expansion into digital lending, and I’m proud to share that 25% of the funding was earmarked for women-owned businesses.

Leadership and Vision for Mongolia

How do your past experiences shape your leadership approach in Mongolia?

With over 25 years of experience in the private sector and infrastructure financing across Central Europe, the Caucasus, Central Asia, and Mongolia, I have gained a deep understanding of the unique challenges and opportunities in emerging markets. Managing four country offices has taught me the importance of adapting leadership styles to fit the specific needs of each country while aligning with IFC’s broader strategic goals.

At IFC, we have a strong team and solid management support, which allows us to execute impactful initiatives. My approach centers on active listening, valuing diverse perspectives, and ensuring that our decisions drive meaningful, long-term improvements for Mongolia. Ultimately, our goal is to create an environment where businesses thrive, jobs are created, and economic opportunities are expanded for all Mongolians.

Thank you for your time and for sharing your valuable insights with us.

Thank you.