Memorandum to foster green financing established

2020-05-18 13:25:07

Ulaanbaatar /MONTSAME/. With the aim of developing green financing and enabling small and medium-sized businesses to receive financial products and services, the Financial Regulatory Commission (FRC) and the International Finance Corporation (IFC) established a Memorandum of Understanding on May 16.  

The purpose of the memorandum is to introduce value or supply chain financial products and services in Mongolia, which will help micro-entrepreneurs and small and medium-sized businesses to receive financing.   

Moreover, a project will be carried out on the basis on the Mongolian Government’s policies and objectives to increase exports of agricultural products, to promote national entities, especially suppliers in the mining industry, as well as to introduce modern information technological advances in business activities.

The cooperation with the IFC will seek to develop regulations and policies for the development of green financing market by exploring new opportunities for eco-investing and to promote government policies and objectives on the development of green economy, noted D.Bayarsaikhan, Head of the FRC.  

“The sides will further cooperate in developing the sustainability concept in Mongolia’s finance sector. As the IFC is one of the pioneers in global green bond market, we are ready to provide support in developing green bond market in Mongolia that satisfies international standards,” said Mr. Rufat Alimardanov, IFC Resident Representative for Mongolia.