Ulaanbaatar
DBM loans targeted to support export
Economy
Ulaanbaatar /MONTSAME/ As of December 22, the Development Bank of Mongolia (DBM) granted a total of MNT 2.45 trillion loans in 2017 and 67 percent of it targeted to support export. The credits were granted to processing industry, farming, husbandry, construction, mining, and energy sectors.
On December 26 DBM hold its annual general meeting, discussing realization of biggest projects, programs and their results. The DBM has taken measures for financial stabilization, specifically, planning of refinancing external debt and improving legal environment related to the bank operation. The bank succeeded to increase its investment resource by MNT 1 trillion by making changes in its credit packages, emphasized CEO of the DBM B.Batbayar.
“The investment resource increase could build trust of investors on the DBM’s capability to ensure its financial stability and our bank and Government of Mongolia jointly implemented actions of refinancing investment resource of USD 580 million attracted from international market in the first quarter of this year. Repayment of loans issued by our bank is being performed well therefore we expect to pay external debt worth of USD 260 million in the first half of 2018 without any difficulties” he said.
The revised law on Development Bank of Mongolia was adopted in February, 2017 and entered into force on April 1. The law allows the DBM to render consulting, insurance and guarantee services and the DBM established two subsidiary companies DBM Leasing and DBM Asset Management. The bank is also planning to set up three investment funds.
B.Batchimeg
