IBEC Chairman made a working trip to Mongolia

The delegation of the International Bank for Economic Co-operation, consisting of the Chairman of the IBEC Board Denis Ivanov and a member of the IBEC Board from Mongolia, Mr. Unenbat, visited Mongolia on November, 6-8.

IBEC delegation took part in a number of meetings and negotiations with key partners of the Bank, as well as with representatives of the Government and the Central Bank of Mongolia. The focus topics for discussion included the ongoing projects of the Bank in Mongolia, as well as prospects for further cooperation with corporate clients and leading financial institutions of the country.

As part of the trip, a meeting was organized with the Head of the Mongolian Delegation to the IBEC Council, Mr. Boldyn Javkhlan, Member of Parliament, Minister of Finance of Mongolia. The meeting was also attended by the head of the Central Bank of Mongolia (Mongolbank), Mr. B. Lhagvasuren.

The Chairman of the IBEC Board briefed the head of the Mongolian delegation on the main results of the Bank’s activity in 2022, and also touched upon the issues of further IBEC development. Currently, the Bank is carrying out systematic work to prepare an updated Strategy in the context of turbulent geopolitical reality, analyzing promising new niches for IBEC products, reviewing and expanding the geography of its operations.

The main attention during the meeting was paid to the Bank's activities in the Mongolian direction, aimed at the development of Mongolian foreign trade and country diversification of exports.

“Mongolia has always taken an active position as a shareholder of the Bank, and we are grateful for the support of the most important initiatives and transformations on our way to becoming a modern multilateral development institution,” – Denis Ivanov emphasized during the meeting.

Mr. Javkhlan, for his part, highly appreciated the efforts of the Bank's management to preserve the potential of IBEC accumulated during the reform and further develop the Bank in the interests of its shareholders in the current difficult geopolitical conditions. The head of the Mongolian delegation expressed his support for the Bank's activities and readiness to continue joint work.

During the visit, the Bank's delegation also held business meetings with Golomt bank and Trade and Development Bank of Mongolia (TDBM).

At a meeting with Golomt Bank, the parties discussed cooperation in the field of trade finance and treasury operations, and also assessed the amount of joint work done. As part of the General Agreement concluded in 2018 and within the established cooperation, banks implemented a large number of targeted trade finance transactions and operations with IBEC off-balance sheet instruments.

As part of the negotiations with TDBM, the IBEC delegation noted as a landmark project the participation of IBEC in the Green Loan Program for SMEs in Mongolia, and also thanked the TDBM management for productive cooperation, due to which the parties managed to achieve a significant volume of transactions since 2017. The parties also discussed a number of promising joint projects in the field of sustainable development.

Another meeting held within the business trip of the IBEC delegation to Mongolia was the meeting with the Ulaanbaatar Railway. The key project implemented by the parties was a targeted loan provided by IBEC for the purchase of Russian-made diesel locomotives from Transmashholding JSC (RF) in the amount of EUR 40 million for up to 11 years. The parties discussed the current status of the project implementation, as well as prospects for further cooperation.

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