Over MNT 1 Billion for Financing 34 Green ProjectsSociety
Ulaanbaatar, May 25, 2023 /MONTSAME/. The Mongolian Billion Tree Fund, established by the Mongolian Bankers Association in collaboration with Mongolian commercial banks and the Bank of Mongolia, will finance 34 projects with MNT 1.3 billion this year.
Through these projects, over 105 thousand trees will be planted in an area of 37 hectares, and 20 thousand square meters of green space will be established. Furthermore, the projects will create 70 green jobs and introduce three types of new technologies and innovations, and more than 800 citizens will be educated in tree care.
The ad hoc committee, consisting of professionals representing 24 fields, including Forest Protection, Horticulture, Agroforestry, Education and Training, and Financing, has selected the 34 projects among over 200 projects. The projects were submitted to the open bid in three directions: Green Spaces of Public Schools and Kindergartens in Ulaanbaatar, Community-based Afforestation, Rehabilitation and Tree Planting, and Public Education on Ecology and Sustainable Development.
The Mongolian Billion Tree Fund aims to provide funding for top-notch green projects, create soft loans in collaboration with commercial banks, and increase domestic and foreign investment in the forest sector.
The Mongolian Bankers Association pledged to donate a minimum of MNT 2 billion to the Fund each year. Moreover, the Association will plant 88 million trees and grant a loan of MNT 5.2 trillion, increasing the green loan portfolio to ten percent in the banking sector by 2030.
Under the “One Billion Trees” National Campaign, over 10 million trees were planted throughout the country, and seedling resource was increased by 10 million, reaching 44 million in 2022.