Development Bank is established

Jul 27 • Banking, Finance, State Affairs • 312 Views • 1 Comment on Development Bank is established

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The bank will show financial service in the strategically important sectors

The Development Bank of Mongolia is officially established and it article of association is adopted. Mr. Ch.Khashchuluun, Chairman of the National Innovation Committee of Mongolia and Mr. D.Sugar, Chairman of the State Property Agency, were appointed to launch the bank’s operation within Q3 2010 and to select the experienced, skillful and independent management team for the bank.

The bank will show financial service in the strategically important sectors. The bank shall provide medium-long term financing to the selected sectors, extend its cooperation with the international development banks and organizations and withdraw domestic and foreign capital into the economic circulation.

The Government can increase economy growth by 1% per investment of ₮100 billion through the bank. The infrastructure and heavy industrial objects, established with investment of the bank, shall intensify the development of the nation, improve processing factories, replacing imports and modernizing and upgrading the structure of GDP.

Prime Minister S.Batbold emphasized to the National Innovation Committee and the State Property Agency that the bank’s management shall be transparent, correct and clear from the very beginning and warned that the bank shall be managed by the internationally recognized professional and highly skillful team.

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One Response to Development Bank is established

  1. Hantulga says:

    New bank’s management, activity and all other important details should be transparent

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