AKIPRESS.COM - The Kenya Banking Association (KBA) amd the Mongolian Bankers Association (MBA), members of the IFC-supported Sustainable Banking Network (SBN), have signed a Memorandum of Understanding (MoU) to advance environmental and social risk management and sustainable financing practices for the Kenyan and Mongolian banking sector. The signing ceremony took place during the sustainable finance related learning visit of the MBA representatives to Nairobi, facilitated and supported by the Dutch Development Bank FMO and the IFC, reports news.mn.

Mongolia and Kenya have both launched national policies or voluntary principles on sustainable finance. National sustainable finance guidelines and principles define how financial institutions can manage environmental and social risks and meet growing financing needs for green and inclusive economic growth. The Kenya-Mongolia exchange is an example of peer knowledge exchange and learning visits conducted by SBN members.

As one of the founding members of SBN, the MBA has successfully positioned itself as a consensus builder, mobilizing the entire banking community to jointly develop, adopt and implement the Mongolian Sustainable Finance Principles.

Both the IFC and FMO have been supporting this initiative since 2013. The Mongolian Bankers Association has forged a strong public-private partnership with the Bank of Mongolia and Mongolian Ministry of Environment and Tourism and the Mongolian Sustainable Finance Principles and has become the key component of the Mongolian Government's Green Development Policy.