Implementing ADB Project
The Korea Asset Management Corporation (KAMCO) and Financial Access (FA), which is a financial consulting firm headquartered in the Netherlands, have been selected as the preferred bidder for the Asian Development Bank’s consulting project for the recovery and stabilization of the banking industry of Mongolia.
The project is a part of the Technical Assistance (TA) projects of the ADB. The TA projects are for international organizations and developed countries to send their experts to developing countries in order to provide consulting related to industrial development, technological development, etc.
The project in Mongolia is worth a total of more than US$1 million. The KAMCO has become the first South Korean public enterprise to lead the ADB’s TA project of that size. Before the selection of the preferred bidder, the ADB looked into each candidate’s degree of understanding of the purpose of a public asset management corporation in Mongolia, past consulting history, methodology, etc. The candidates included consulting firms and accounting firms located in Britain, Canada, Ireland and New Zealand.
“The ADB praised our past policy consulting projects in countries such as Vietnam and Kazakhstan regarding the operation of public asset management corporations and disposal of non-performing loans,” the KAMCO explained. The KAMCO and FA are planning to conduct their consulting for approximately 24 months after negotiations for a contract with the ADB.