A/HRC/43/45/Add.2 totalling -$4.156 billion, the impressive increase to $1.952 billion in 2018 should be noted. 99 As highlighted by the Government, the importance of managing private investment and foreign direct investment is crucial in the implementation of the Sustainable Development Goals.100 This is also vital for the realization of human rights. The guiding principles on human rights impact assessments of economic reforms provide that States should enact foreign investment laws in such a way that includes an obligation on investors to undertake human rights impact assessments through neutral entities in a transparent and inclusive manner. States and investors should undertake to use such assessments as a means of enhancing the sustainability and development impact of investments in such a way that is beneficial to all stakeholders, including investors.101 91. In the context of the Ulaanbaatar urban redevelopment plan, various projects are currently being conducted, including with the support of ADB. For instance, ADB is currently implementing the Ulaanbaatar Urban Services and Ger Areas Development Investment Programme with the aim of helping Mongolia upgrade basic infrastructure and services in “ger” or peri-urban areas of Ulaanbaatar, where the majority of the capital city’s poor residents live. The project intends to develop roads and water infrastructure social services. 92. The Independent Expert learned that, in Selbe, a number of residents have been and will be relocated, with a serious impact on a number of their rights, particularly on their right to housing. In this context, complaints were submitted to an ADB mechanism highlighting many deficiencies in the development of this project, including regarding informed consultation and compensation. 102 While many of the residents were satisfied with the outcomes of the resolution of one complaint, other important aspects still need to be addressed, such as adequate compensation for those who were not satisfied.103 Moreover, the implementation of such projects can result in important issues related to the right to adequate housing such as homelessness, land issues and involuntary resettlement and the right to information. In this context, those implementing the project should offer adequate compensation that allow people to access alternative housing, and ensure informed consultations (and transparent updates) in the future. 93. The legislation on procedures of resettlement and compensation does not include nonurban resettlements. The Independent Expert advises the Government to close this gap by adopting, after broad consultation with relevant stakeholders, a robust and consolidated relevant legislation on the basis of existing international human rights norms and standards. Improving transparency, consultation and participation of potentially affected people is essential. 94. Over various discussions, international lenders and development partners have highlighted their respective safeguards and environmental, social and gender impact assessment (if any). International financial partners in their various projects – be it related to mining activities, energy, roads and infrastructure to establish – should establish more robust frameworks to assess the human rights implications of the projects, covering both substantive and procedural rights. “Human rights” are usually not even mentioned in the lenders’ safeguards nor their impact assessments. VII. Conclusion and recommendations 95. The Mongolian economy is highly dependent on the exploitation of natural resources. Any significant drop in commodity prices on international markets therefore 99 100 101 102 103 World Bank Group, “Foreign direct investment, net inflows (BoP, current US$) – Mongolia”, DataBank. Available at https://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?locations=MN (accessed on 30 December 2019). Mongolia, Voluntary National Review Report 2019, p. 36. Guiding principles (A/HRC/40/57), para. 14.4. See www.adb.org/sites/default/files/page/42458/mon-45007-004-complaint-form.pdf. ADB, “Mongolia: Ulaanbaatar Urban Services and Ger Areas Development Investment Program (Tranche 1) – monitoring report of the Special Project Facilitator”, July 2019. Available at www.adb.org/sites/default/files/page/42458/mon-45007-004-monitoring-report-final-201907-en.pdf. 17