Ulaanbaatar, December 24, 2024 /MONTSAME/. Bogd Bank with its continued efforts to empowering SMEs, in particular women-led businesses, and green initiatives and FMO with the mission to increase inclusive and sustainable prosperity, have started their cooperation by signing a USD 20 million term facility agreement.

Out of the USD 20 million facility, minimum of thirty percent of the facility will be dedicated toward green projects, while seventy percent will go towards the agriculture, youth, and women SMEs in Mongolia.

"Bogd Bank is committed to supporting MSMEs, empowering women-led businesses, and promoting sustainable green initiatives across Mongolia. Collaborating with an organization like FMO, which shares our goal of driving Mongolia's economic growth through meaningful financing, aligns seamlessly with our core mission. We are excited to commence this cooperation with FMO and firmly believe it will pave the way for a successful and lasting partnership,” stated Saruul Ganbaatar, Chief Executive Officer of Bogd Bank.

"We are thrilled to begin our partnership with Bogd Bank in Mongolia, supporting their mission to enhance financial inclusion and promote green finance,” said Juan Jose Dada Ortiz, Director Financial Institutions at FMO. “This collaboration reflects our shared commitment to driving sustainable development and addressing climate challenges, contributing to impactful progress on reducing inequalities and reaching underserved SMEs. FMO is proud to work with Bogd Bank and is confident that is marks the beginning of a long-term collaboration.”

Bogd Bank since its establishment in 2014, has provided financing to almost 12,500 borrowers of various sectors through its 17 branches and over 240 employees. With endless efforts put towards the SMEs and green sector, more than third of the loan portfolio consists of SMEs, with unchanging focus on the women-led businesses and the green sector. In 2021, Bogd Bank became the first publicly listed bank on the Mongolian Stock Exchange.

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally.