Moscow, Russia, 5-9-2014 — /EuropaWire/ — In the course of Russian President Vladimir Putin’s formal visit to Mongolia, Vnesheconombank and the Development Bank of Mongolia signed an Agreement of Intent.
On behalf of Vnesheconombank, the Agreement was signed by Deputy Chairman – Member of the Board Sergei Lykov and on behalf of the Development Bank of Mongolia – by Chief Executive Officer NanjidMunkhbat.
The Financial Development Institutions outlined their main lines of cooperation in funding supplies of Russian products and services to Mongolia.
Taking into account their high potential for enhancing trade relations between Russia and Mongolia, the parties expressed their confidence that the signing of this Agreement would become the first step in developing long-term and mutually beneficial cooperation.
Nowadays, VEB and the Development Bank of Mongolia are exploring the possibility to fund individual projects of Russian power engineering equipment manufacturers to modernize cogeneration power plants in Mongolia. The Banks are also interested in implementing other promising projects on the Mongolian territory related to exports of Russian products and services.
The Development Bank of Mongolia (DBM) was founded in March of 2013 under the Mongolian Government’s resolution. The Bank’s activity is governed by the Law on the Bank for Development. The Development Bank of Mongolia is specializing in funding special development projects (construction of municipal roads, free motorways, granting subsidized mortgage credits. It also deals with commercial projects. The Bank’s Office is located in the city of Ulan-Bator. As of January of 2014, the Bank’s assets were 1.9 billion dollars; its capital was 87 million US dollars. The Bank’s profit for 2013 was 21 million US dollars.
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