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Add to Preferred SourcesThe Asian Development Bank (ADB) has approved $38 million in loans to develop ecotourism in Khuvsgul Lake National Park and Onon-Balj National Park to serve as models for economically inclusive development and conservation in Mongolia.
The lending marks ADB’s first project loans in Mongolia to focus on tourism and protected area management. They will benefit around 11,000 residents as well as improve local environmental conservation and climate change adaptation and mitigation efforts. Khuvsgul Lake in Khuvsgul Lake National Park is Mongolia’s largest freshwater resource, while Onon-Balj National Park is the birthplace of Chinggis Khaan, a revered leader in Mongolia’s history.
“Tourism is the largest and fastest growing sector of the global economy, and Mongolia’s magnificent landscapes and unique heritage can capitalize on this,” said ADB Senior Environment Specialist for East Asia Mr. Mark Bezujien. “That said, ADB’s support will help ensure that tourism growth in Mongolia benefits local residents and preserves fragile environments over the long term.”
In 2017, tourism comprised 11.4% of Mongolia’s gross domestic product (GDP), while generating $1.2 billion in revenue and providing 121,500 jobs. Developing tourism is a government priority to help diversify the economy. By 2028, tourism is forecast to provide 11.0% of GDP, $2.1 billion in revenue, and provide 149,000 jobs. International visitors alone are expected to double to 1 million.
The Sustainable Tourism Development Project will improve planning for community-based tourism that will both support visitors but also create local income generation opportunities.
ADB’s support is aligned with Mongolia’s National Program on Tourism Development, 2016–2030, and promotes the country’s strategies and efforts to diversify the economy, improve climate-resilient infrastructure, protect the environment, and increase economic opportunities for residents in rural areas.
Original source: ADB
Published on 28 May 2019