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Fund established to support ‘One Billion Trees’ initiative
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A fund was established today to support the ‘One Billion Tree’ national movement, initiated by the President of Mongolia.
The establishment of the fund is significant to open up opportunities to create a structure and system to provide sustainable financing for afforestation, tree planting, and other environmental activities. It was informed that the member organizations of the Mongolian Bankers Association (MBA) will contribute at least MNT 2 billion annually. In addition, green loans in the banking sector will be increased to 10 percent by 2030, and MNT 5.2 trillion will be disbursed.
The fund will be raised by donations from banks, non-bank financial and business organizations, and individuals, and its Board will discuss and approve projects and programs to support. The Board consists of the MBA, Association of Non-Bank Financial Institutions, representatives of other donors, and independent members.
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