A resolution concerning Development Bank approved

2017-01-02 16:53:30

Ulaanbaatar /MONTSAME/ On December 28, the Parliament approved a resolution on “Taking certain measures regarding Development Bank of Mongolia”. Currently, a total asset and loan portfolio of Development Bank of Mongolia amounted Tgs 7 trillion and Tgs 5.9 trillion respectively and the existing financial performance showed that ratio equity over loan portfolio might not be met the prudential level requirement.

Therefore, the Government submitted the draft resolution to immediately prevent the risks that may arise. According to the resolution, the Development Bank’s capital has been raised by Tgs1 trillion and the loan portfolios that would be repaid from the State budget were transferred to the Ministry of Finance. The Development Bank has financed some 2000 programs and projects since its establishment in 2011.