The City of Ulaanbaatar (UB) is Mongolia’s political, economic and industrial center. It has a population of 1.2 million, accounting for more than 40 percent of the country’s population. The rapid urbanization is straining the City’s ability to provide services, especially infrastructure. In order to fi nance the needed expansion of economic infrastructure and improve access to basic local services, the City plans to explore mobilizing resources from capital markets. To aid in this eff ort, PPIAF, through the Sub-National Technical Assistance (SNTA) Program, supported the City in laying the groundwork to improve its creditworthiness, by improving its financial management practices and enhancing fi nancial transparency.