Share this page

IFC Partners with Golomt Bank to Boost Mongolia’s Trade Industry

Ulaanbaatar, Mongolia, August 31, 2016 — IFC, a member of the World Bank Group, is providing a trade guarantee of up to US$10 million to Golomt Bank. This will help the bank to support businesses, especially SMEs, to solidify import and export relationships within the energy, agriculture and commodity sectors.
“This engagement will help Golomt Bank to address the increasing demand for trade finance, particularly as Oyu Tolgoi’s phase two ramps up,” said Mr. Ganzorig Ulziibayar, CEO of Golomt Bank. “IFC is a valuable global partner to help us, and our clients, connect with international correspondent banks through this trade facility.”
“Greater access to trade finance will help companies in Mongolia, especially SMEs, import and export their goods, strengthening and diversifying trade links between Mongolia and partners around the world,” said Tuyen D. Nguyen, Resident Representative for IFC in Mongolia.
Since GTFP’s inception in 2005, the award-winning program has provided over 18,000 trade finance guarantees to support more than $30 billion in emerging markets. The program includes more than 500 bank partners in nearly 100 emerging-market countries. Examples of transaction-specific guarantees include l etters of credit, trade-related promissory notes, accepted drafts, bills of exchange, guarantees, bid and performance bonds and advance payment guarantees.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
About Golomt
Founded in 1995, Golomt Bank is one of the largest private commercial bank in Mongolia, and has grown to become a leading corporate and retail bank that offers complete spectrum of financial services  to both domestic and international clients. It plays a systematically important role in the economy, serving about 80% of corporates and the majority of the urban citizens of Mongolia. As of FY 2015, Golomt shared 23.3% of deposit market share, re-affirming its position of the most solid funding based bank in Mongolia according to Moody’s. For more information, visit www.golomtbank.com