Background

The Chairman of the IBEC Board held a working meeting with the Head of the Mongolian Delegation in the Bank’s Council

The Chairman of the IBEC Board Denis Ivanov, with the participation of IBEC Board Member from Mongolia Tserenpurev Gotov, held a working meeting in the format of a teleconference with the Head of the Mongolian Delegation to the IBEC Council, HE the Minister of Finance and the Member of the Parliament of Mongolia Javkhlan Bold.

The Chairman of the IBEC Board briefly highlighted the positive results of the Bank’s activities in 2021, and briefed the head of the Mongolian delegation on the main results of the first quarter of 2022.

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

In response, Minister Javkhlan, highly appreciated the success achieved during the reform period. In the three years since the “restart” of the IBEC activities in 2018, the Bank’s assets have more than doubled and at the end of 2021 amounted to EUR 776 million. An even more impressive 23-fold growth was shown by the Bank's working loan and documentary portfolio, which in July 2021 for the first time exceeded the mark of EUR 500 million.

The major focus of the meeting was on the Bank's activities in the Mongolian direction, aimed at developing the country's economy and its foreign trade relations. The Bank has implemented a number of landmark projects with Mongolian companies and financial institutions. In particular, in 2020, funding for the procurement of the Ulaanbaatar Railway ensured the implementation of a long-term investment program to modernize the Mongolian railway infrastructure. In 2021, the key project of IBEC was participation in the green finance program implemented by the Trade and Development Bank of Mongolia for small and medium-sized enterprises in Mongolia and contributing to the achievement of eight UN Sustainable Development Goals.

Thus, from 2018 to February 2022, only within the framework of the core activities of IBEC, the total investment volume in the Mongolian economy amounted to EUR 229 million. The head of the Mongolian delegation expressed his support for the Bank's activities and readiness to continue joint work.

In conclusion, Minister Javkhlan especially emphasized that the Mongolian delegation highly appreciates not only the long history of IBEC, but also the prospects and potential the Bank has even in the current turbulent environment.

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