AUM is pleased to announce that DAI, a U.S. company based in Bethesda, Maryland has become its most recent corporate founder, joining Newcom LLC, Rio Tinto PLC and the General Electric Foundation in supporting the university’s development. DAI is the largest development contractor for the U.S. Agency for International Development (USAID).
“We are delighted to make this contribution,” said DAI president and CEO James Boomgard. “DAI has been working to make a difference in Mongolia for more than 20 years and we want to be part of Mongolia’s bright future. Making a lasting investment in its young people is one way we can do that.”
DAI is an employee-owned global development company. For 42 years it has worked on the frontlines of international development, tackling fundamental social and economic development problems caused by inefficient markets, ineffective governments, and instability. Their integrated development solutions turn ideas into impact by bringing together fresh combinations of expertise and innovation across multiple disciplines. Clients include international development agencies, international lending institutions, private corporations and philanthropies, and national governments.
“It is exciting to welcome DAI to our group of corporate founders,” said AUM chairman J. Peter Morrow. “DAI came to Mongolia in 1993 as the American Government’s main economic development contractor and played a significant part in Mongolia’s conversion to a market economy. They are perhaps best known for their role in managing and investing in Khan Bank over the last decade.
“On a personal note,” continued Morrow, “DAI brought me to Mongolia in 2000 as head of the Khan Bank turnaround team. I’m still here, and now, in this new role, so are they. In joining as a Founder they will be a permanent part of AUM’s and Mongolia’s growth and development.”
DAI’s unbroken engagement in Mongolia dates back to the early 1990s and proceeded through various assignments for clients such the U.S. Agency for International Development, the Asian Development Bank, and the World Bank, culminating in the successful turnaround of the Agricultural Bank, now known as Khan Bank. In winding down its holding in the bank, DAI selected AUM as the best vehicle for marking the firm’s ongoing commitment to development in Mongolia, in line with a community engagement program that focuses on supporting young people in countries where DAI works.