DEVELOPMENT BANK TO CO-OPERATE WITH RUSSIAN VTB

The Development Bank of Mongolia has concluded a commercial financing contract with Russia’s VTB Bank. Today, the signing ceremony took place at the “Puma” building, at 11.00 am. As a result of this contract, Mongolia will be able to accept oil products to the value of USD 300 million from Russia, which will be considered as a loan. From the Mongolian side, this important contract was signed by B.Batdavaa, director of the state foreign currency reserve authority at the Bank of Mongolia, G.Ulziiburen director of the Petroleum Authority of Mongolia, N.Munkhbat, who is CEO of Development Bank and M.Bat-Ulzii who is director of the asset and liability reserve management department.

Source: news.mn