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Ulaanbaatar, Mongolia, May 24, 2013
—IFC, a member of the World Bank Group and Mongolia’s Corporate Governance Development Center today launch the sixth annual National Corporate Governance Forum in Ulaanbaatar to discuss ways that enhance the performance and competitiveness of Mongolian banks.
More than 100 bank directors, managers, and government officials gather at the forum to discuss good governance practices and international trends in the banking sector as well as specific challenges faced by Mongolian banks in managing their rapid growth and related risks.
“Banks play a very important role in Mongolia’s economic development,” said Bold Javkhlan, first deputy governor of Bank of Mongolia. “Better corporate governance practices could help Mongolian banks increase efficiency, protect shareholder rights and improve their access to international capital markets.”
With IFC’s help, the Mongolian parliament adopted a new company law in 2011 to strengthen the country’s corporate governance regulations and improve transparency. IFC has been making substantial investments in Mongolia’s banking sector since 2002 when it first provided a loan to XacBank. Earlier this year, IFC provided $20 million to Khan Bank LLC to boost its small and medium enterprise lending.
“IFC is committed to the sustainable development of Mongolia’s banking sector. We offer much-needed capital and advice at different stages of the industry’s development,” said Hyun-Chan Cho, IFC’s country manager for China, Mongolia and Korea. “By partnering with the banks, we hope to introduce transparent and accountable business models for more Mongolian businesses to follow.”
In partnership with Japan and the Netherlands, IFC’s Mongolia Corporate Governance Program has organized training and consultations for more than 300 joint-stock companies and banks since 2009. IFC has been advising three Mongolian banks – Khan Bank, XacBank, and Capital Bank – on their corporate governance practices.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
The Corporate Governance Development Center is a membership-based professional training and research institution established in June 2009 to advance corporate governance practices in Mongolia. It actively cooperates with the Financial Regulatory Commission and the National Development and Innovation Committee in reforming Mongolia’s business regulatory environment. For more information, visit
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