[ Ulaanbaatar, 27 October 2008 ]

UNDP Mongolia and the Government of Luxembourg have reached an agreement to collaborate on implementing a project to develop capacity for the Micro-Insurance Market in Mongolia. The Government of Luxembourg agreed to issue a grant of US$1.4 million. The official signing ceremony was held on October 27, 2008. The project document was signed by Mr. Jean–Louis Schilts, Minister for Development Cooperation and Humanitarian Affairs of Luxembourg and Ms. Debora Comini, UNDP Resident Representative to Mongolia.

The “Capacity Development for the Micro-Insurance Market” project aims to pilot the potential micro-insurance products for the poor and vulnerable people and to contribute to the government’s efforts to reduce poverty by half in Mongolia by 2015 (MDG 1). This three year project (2008 to 2011) will be jointly implemented by the Financial Regulatory Commission of Mongolia and UNDP Mongolia.

Currently, the Government of Mongolia and UNDP are jointly implementing another project ”Strengthening the Disaster Mitigation and Management System”, which also is being given financial support by the Luxembourg Government. The Government of Luxembourg has contributed grants of US$2.665 million for the project implementation. This project has been ongoing since 2001 and will continue until 2011.