IFC TO SUPPORT EXTERNAL TRADE OF MONGOLIA IN COLLABORATION WITH GOLOMT BANK

International Finance Corporation (IFC), a member of the World Bank Group, is providing a trade guarantee of up to USD 10 million to Golomt Bank. This will help the bank to support businesses, especially SMEs, to solidify import and export relationships within the energy, agriculture and commodity sectors, the Golomt Bank website published Thursday.

“This engagement will help Golomt Bank to address the increasing demand for trade finance, particularly as Oyu Tolgoi’s phase two ramps up,” said Ganzorig Ulziibayar, CEO of Golomt Bank. “IFC is a valuable global partner to help us, and our clients, connect with international correspondent banks through this trade facility,”

“Greater access to trade finance will help companies in Mongolia, especially SMEs, import and export their goods, strengthening and diversifying trade links between Mongolia and partners around the world,” said Tuyen D. Nguyen, Resident Representative for IFC in Mongolia.

Since GTFP’s inception in 2005, the award-winning program has provided over 18,000 trade finance guarantees to support more than USD 30 billion in emerging markets. The program includes more than 500 bank partners in nearly 100 emerging-market countries. Examples of transaction-specific guarantees include letters of credit, trade-related promissory notes, accepted drafts, bills of exchange, guarantees, bid and performance bonds and advance payment guarantees.

Source:http://en.montsame.mn/economics/ifc-support-external-trade-mongolia-collaboration-golomt-bank