Meeting with the International Finance Corporation’s Delegations HeldEconomy
Ulaanbaatar /MONTSAME/. The Chairman of the Financial Regulatory Commission of Mongolia, Bayarsaikhan Dembereldash, received the Country Manager for China, Korea, and Mongolia, International Finance Corporation Randall Riopelle, and the Resident Representative for Mongolia of International Finance Corporation, Rufat Alimardanov.
During the meeting, the two sides exchanged their views on the implementation of current projects including the Green Finance Market Development Project and the Mongolian Value Chain Finance Market Development Project, and further collaboration.
The Green Finance Market Development Project aims to develop policies for green finance in Mongolia, support green project financing, and introduce Environmental, Social and Governance (ESG) standards to entities. Within the framework of this project, research on the development of the green bond market was conducted, and regulations of green bond registration are included in the Regulation on Corporate Bond Registration. In addition, collaborating with key stakeholders, a National Sustainable Finance Roadmap was adopted by the Financial Stability Council, and the Financial Regulatory Commission (FRC) approved a Model Guideline for Integrating ESG Risk Management for NBFIs.
They agreed to cooperate in creating an incentive system for companies reporting ESG well, conducting a climate risk assessment in Mongolia's financial sector and providing guidance to financial institutions, and organizing training on integrating ESG risk assessment.
The Mongolian Value Chain Finance Market Development Project aims to develop a substantive Value Chain Finance (VCF) market in Mongolia in order to improve access to finance for small and medium enterprises. Under this project, the Manual on factoring activities was developed, published, and delivered to market participants. Furthermore, trainings on factoring contracts, standards, and criteria were organized. Two sides agreed to adopt regulations for factoring activities, finalize a model contract for factoring activities, and organize outreach activities.