MANILA, Sept. 19 (Xinhua) -- The Asian Development Bank (ADB) said it signed a combined 30 million U.S. dollar loan to strengthen Mongolia's cashmere value chain and expand employment opportunities in the country's food service sector.
The loan will support the sustainable procurement of raw cashmere from nomadic herders, the processing of high-value cashmere products, and the expansion of food service operations, ADB said on Friday.
According to ADB, Mongolia produces approximately 45 percent of the world's raw cashmere, yet only 10 percent of this is processed domestically into higher-value products. The ADB-funded project is expected to create 367 new jobs. ■