Ulaanbaatar
Mongolian Sustainable Finance Forum concludes
Economy
Ulaanbaatar /MONTSAME/ The Annual Mongolian Sustainable Finance Forum 2017 took place under the theme Fostering Partnerships to Scale Up Sustainable Finance on September 14. It was attended by over four hundred representatives, including Acting Minister of Environment and Tourism D.Oyunkhorol, Executive Director of the UN Environment Program (UNEP) Erik Solheim, have attended the forum.
During the panel discussion, Acting Prime Minister J.Erdenebat said, “In order to expand financial cycle in Mongolia, realistic proposals and initiatives, as well as active participation of the Government, private entities, banking and non-banking financial institutions and international partnering organizations, are required to maintain sustainable finance. The Government is ready to provide coordination between the Government and private sector, sustainable development in all sectors and cooperate with other organizations to support foreign and domestic investment to strengthen green economy".
Some projects, which will be financed through Green Credit Fund, have been presented and cooperation opportunities were discussed.
President of Mongolian Bankers Association O.Orkhon said, “In order to promote sustainable finance and provide opportunities to cooperate with other business sectors, a decision was made to officially create an independent Sustainable Financial Program. Within the frames of its multilateral cooperation, Mongolian Sustainable Finance Forum will create new opportunities on several sectors, such as mining, agriculture and processing plants, not only through banking sector, but non-banking financial and investment institutions as well.
“The financial organizations need to cooperate actively in order to promote sustainable. The commercial banks should support environmentally friendly projects when giving loans. For instance, instead of giving loans to coal-heated apartments, constructions with environmentally friendly heating systems should be supported. It is commendable that XacBank has started financing environmentally friendly projects. The public is now aware of the benefits of supporting environmentally and climate-friendly projects. The State could provide several assistance, such as concessional loans and reward system for private entities contributing to green development," said S.Oyun, Chair of Global Water Partnership.
During the panel discussion, Acting Prime Minister J.Erdenebat said, “In order to expand financial cycle in Mongolia, realistic proposals and initiatives, as well as active participation of the Government, private entities, banking and non-banking financial institutions and international partnering organizations, are required to maintain sustainable finance. The Government is ready to provide coordination between the Government and private sector, sustainable development in all sectors and cooperate with other organizations to support foreign and domestic investment to strengthen green economy".
Some projects, which will be financed through Green Credit Fund, have been presented and cooperation opportunities were discussed.
President of Mongolian Bankers Association O.Orkhon said, “In order to promote sustainable finance and provide opportunities to cooperate with other business sectors, a decision was made to officially create an independent Sustainable Financial Program. Within the frames of its multilateral cooperation, Mongolian Sustainable Finance Forum will create new opportunities on several sectors, such as mining, agriculture and processing plants, not only through banking sector, but non-banking financial and investment institutions as well.
“The financial organizations need to cooperate actively in order to promote sustainable. The commercial banks should support environmentally friendly projects when giving loans. For instance, instead of giving loans to coal-heated apartments, constructions with environmentally friendly heating systems should be supported. It is commendable that XacBank has started financing environmentally friendly projects. The public is now aware of the benefits of supporting environmentally and climate-friendly projects. The State could provide several assistance, such as concessional loans and reward system for private entities contributing to green development," said S.Oyun, Chair of Global Water Partnership.
Furthermore, Trade and Development Bank of Mongolia was selected as the front runner company of sustainable finance. Thus, the bank will be responsible to implement projects, make initiatives, inform public, train specialists and organize forums on sustainable finance. The Bank of Mongolia selects front-runner every year and the Arig Bank was last year's front-runner.
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