Background

IBEC supports lending to small business in Mongolia

The International Bank for Economic Co-operation continues to support trade operations of the SME sector in its member countries. The bank has supported a loan deal between the Mongolian Golomt Bank and the Russian Moscow Credit Bank (MKB). Golomt Bank, one of the leaders in the Mongolian banking sector and a traditional partner of IBEC, raised funds from MKB to finance the trade operations of its clients including small and medium-sized enterprises.

IBEC confirmed the standby letter of credit (SBLC) of Golomt Bank to guarantee the fulfillment of obligations under the loan by the Mongolian side. The total amount of IBEC’s participation exceeded USD 8 million with the tenor of up to 13 months. The SBLC confirmed by IBEC provided the most optimal conditions and structure for the transaction between Golomt Bank and MKB, and comfortable conditions for end borrowers.

IBEC is actively developing business in the Mongolian direction, combining both participation in large infrastructure projects on a national scale (railway transport, green finance programs), and interaction with local banks to support the SME sector and trade operations. Consistent implementation of country strategies is an important tool for achieving IBEC's global goals and implementing the Bank's new development strategy.
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