Inside Mongolia’s Sovereign Wealth Fund Overhaul

Mongolia has tried this before. In 2012, the Chinggis Bond raised $1.5 billion for transformative infrastructure investment. A sovereign wealth fund bearing the same great khan's name was launched in 2024.

Now comes the Chinggis Khaan National Wealth Fund Corporation, announced recently to finally turn mineral wealth into something ordinary Mongolians can use. The name has been recycled. The question is whether the habits have been.

Photo by Adil Edin on Unsplash

By June 15, ten Erdenes Mongol’s loss-making subsidiaries dissolve, 260 jobs go, and MNT 67 billion in administrative costs would be saved. The new entity will gradually abandon direct mining involvement, shifting toward asset management, privatization, and citizen accounts that are supposed to hold MNT 10 million ($2.8k) per person by 2030.

Want to read more?

Subscribe to mongoliaweekly.org to keep reading this exclusive post.

Subscribe Now