The International Bank for Economic Co-operation and Golomt bank (Mongolia) have signed a Memorandum of Understanding. It is aimed at developing a “green economy” and denotes joint plans of financial institutions to finance environmental projects in Mongolia, IBEC member states and regions of Bank’s presence.
The ideological platform of the Memorandum is based on the UN Sustainable Development Goals – affordable and clean energy, responsible consumption and production and climate action. Banks will develop cooperation in order to search and select environmentally oriented projects, based on the expert and financial capabilities of IBEC and Golomt bank, and the potential for economic cooperation between companies from IBEC member states. Among the priority sectors are transport, housing, renewable energy, energy-saving technologies, that is, all the key points on the global agenda in the field of green economy and environmental protection.
The environmental area as one of the most relevant areas of socially responsible business today is becoming one of the priorities for the updated IBEC, as well as an integral part of its new business profile. Golomt bank, being one of the important partners in the Mongolian and, more broadly, Asian direction, also pays great attention to environmental issues, becoming the first of the Mongolian banks to participate in the relevant UN program - UNEP FI.
Given the high pace of development of mutually beneficial cooperation between IBEC and Golomt bank – the portfolio of transactions is reaching 40 million USD in equivalent – the practical completion of the Memorandum will not be long in coming. According to Denis Ivanov, Chairman of the IBEC Board, “The signing of the Memorandum opens a new page in the IBEC Green Book and allows not only financing transactions in the interests of the Bank’s member states, but also contributing to the achievement of the UN Sustainable Development Goals.”