Financing system to be built to support non-mining export

2022-01-18 14:23:34

Ulaanbaatar/MONTSAME/. On January 14, CEO of Development Bank of Mongolia N. Manduul and President of Mongolian National Chamber of Commerce and Industry O. Amartuvshin signed a Memorandum of Understanding on cooperation. The MoU provides an opportunity to boost active cooperation between the government, private sector and investors to develop a non-mining export financing system. It will also support the development of a specific financing system for the preparation and purchase of raw materials to support non-mining exports, and the mutual exchange of information, research and data on the economy, trade and investment.

Furthermore, a joint working group will be set up on the selection of tenders to fund non-mining exports. The MNCCI will be committed to provide research and information related to the financing, and organize meetings and events aimed to support non-mining exports.

No significant financing mechanism has been established in the past for the support of non-mining exports. Establishing the financing system to support export for the first time and disbursing soft loans to exporters is expected to significantly result in increasing the types and volume of export products, expanding economy and improving competitiveness.