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IBEC activates its presence in Mongolia

The Memorandum of Understanding between IBEC and DBM Leasing, a subsidiary of the Mongolian Development Bank, was signed at the Moscow office of the Bank by the IBEC Chairman of the Board Denis Ivanov and the President of DBM Leasing Purevsuren Ganbat. The new partner of the bank specializes in leasing operations in infrastructure areas such as transport, agriculture, mining, the supply of medical equipment, focusing, inter alia, on supporting foreign economic activity. The memorandum determines areas of future cooperation – IBEC intends to provide credit resources and contribute to the successful implementation of investment projects in Mongolia with the support of DBM Leasing. The head of the company, Purevsuren Ganbat, expressed confidence that the partnership between the two organizations in the foreseeable future will be brought into practice and will contribute to the development of the Mongolian economy and foreign trade.

Currently, IBEC is updating its priorities in the Mongolian direction, focusing on the national economy goals. Among them there is the diversification of exports, which the government pays special attention to. In particular, a special Export Program is being implemented and a sales office network is being restored and developed. In this context, the bank’s trade finance instruments that are being developed and settlement services allow IBEC to become an effective platform for promoting Mongolian companies to foreign markets, especially in the area of the bank’s member countries geographic presence. IBEC also intends to actively participate in programs supporting small and medium-sized businesses that are important for the Mongolian economy. The output of this sector is 38% of GDP and provides 67% of employment.

An important step towards the practical implementation of partnership with Mongolia was the visit of the IBEC delegation to Ulan Bator, where a series of meetings with state banks, commercial banks and representatives of the business community – current and potential customers and partners of the bank – took place.

In particular, IBEC representatives visited the Mongolian National Chamber of Commerce and Industry, the most effective institution for supporting foreign trade in Mongolia. During the meeting with the Chairman of the Chamber, Mr. Amartuvshin Otgondavaa, various aspects of cooperation were discussed, including possible forms of promoting services and products of the bank at business events, which are regularly organized by the Chamber. Mr. Tserenpurev Gotov, IBEC Board Member representing Mongolia, noted that Chamber’s support would be very important in attracting potential business partners and will certainly contribute to the increase in the volume of IBEC operations in the Mongolian direction.