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The Chairman of the Board of International Bank for Economic Co-operation, Denis Ivanov, met with the Ambassador Extraordinary and Plenipotentiary of Mongolia to the Russian Federation, Mr. Dulamsuren Davaa. From the Mongolian side, the negotiations were also attended by the Adviser-envoy Damdingiyn Galsandondog and the Adviser, Head of Trade and Economic Department of the Embassy, Delgertsetseg Unubilegt.
IBEC Head congratulated Mr. Ambassador on assuming office, wishing him success in developing and strengthening Mongolian-Russian relations. Mr. Ivanov informed about the implementation of the updated IBEC strategy and priority development of the trade finance operations in order to support bilateral and multilateral trade and economic relations between the Bank's member states.
Particularly, the parties raised the topic of IBEC activities in the Mongolian direction. The total volume of trade finance transactions with the participation of Mongolian companies has already exceeded 50 million euro, operations cover a wide geography - Poland, Russia, Kazakhstan, Japan. It is symbolic that one of the first transactions in 2020 was the participation of IBEC in the large-scale syndication in favor of the Mongolian XacBank. The amount of USD 100 million will be used to support small and medium-sized enterprises. Denis Ivanov also highlighted the presence of IBEC in the financial market of Mongolia and its cooperation with local banks. IBEC has a portfolio of Mongolian Eurobonds, partnerships with leading Mongolian banks have been established, and credit and deposit operations are being conducted on the interbank market.
The Ambassador was particularly interested in the participation of IBEC in financing infrastructure projects in Mongolia. Projects on upgrading railway and energy networks are under final approval. According to Mr. Davaa, the dynamically developing Mongolian economy is extremely interested in the presence of international financial institutions. The Ambassador noted the demand for new Bank’s financial products in the key sectors of the Mongolian industry.
Speaking about the investment potential of Mongolia, the Ambassador noted the importance of IBEC participation in the International Export Forum, which will be held in Ulan Bator in August this year. The Chairman of the IBEC Board, in turn, informed the Ambassador about his intention to hold the traditional IBEC Day in September-October in the capital of Mongolia, where Bank plans to introduce the Mongolian business community in more detail with the plans and capabilities of the renewed IBEC.
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