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Support of Mongolia’s trade relations with the Asian region

International Bank for Economic Co-operation conducted new trade finance operations in the total amount of USD 1,3 million and all-in tenor from 6 to 12 months under the Master Financing Agreement between IBEC and GOLOMT BANK (Mongolia).

Targeted trade financing is aimed at supporting the import of automotive, electronic, food products and refrigeration equipment to Mongolia from the Asian region (China, Japan, Singapore, South Korea).

Golomt Bank – founded in 1995, is one of the systemically important and leading private banks in Mongolia. Golomt Bank operates with a well-balanced presence in all three market segments: Corporate, SME, and Retail. Golomt Bank serves nearly 80% of the corporate market and leading the local SME development initiatives. Recently, the Bank has become an active member of United Nations Environmental Program – Financial Institution group (UNEP FI) to advocate more environmentally and sustainably conscious strategies into daily operations and strategies.