VisionFund
Mongolia is a leading microfinance institution established as a subsidiary of
VisionFund International, a global microfinance institution operating in
Africa, Asia, Latin America and the Middle East/Eastern Europe. VisionFund
International is a wholly owned subsidiary of World Vision International, a
Christian relief development and advocacy organization. Working together, we
provide the foundations for local economies to flourish in healthy and safe
communities.
We
provide financial services to people who would otherwise have little or no
access to credit. The well-being of children, families and communities in
Mongolia is our main focus. We serve the country’s poorest people by helping
them start or grow their own businesses through loans of just a few hundred
dollars.
Mongolia sits a top a vast amount of untapped
natural resources, and location plays an important role in its economy and
environment. Landlocked between Russia and China, Mongolia has shown steady
growth in the recent years. GDP
per capita increased over the years and Mongolia is now a middle-income
country. Ulaanbaatar, the capital and largest city in Mongolia, is home to
about 45% of the population, while about a third are nomadic or semi-nomadic,
engaged in livestock herding in the extensive pasturelands.
Currently, 24.8% of people were estimated to
live below the national poverty line in Urban city. While there are hundreds of
active creditors in Mongolia, they operate mostly in urban areas and target the
wealthy. There is great demand for credit from thousands of urban and rural
poor who are denied access to financial services. This is where VisionFund
Mongolia steps in to reach the poorest and hardest to reach people.