AKIPRESS.COM - The Development Bank of Mongolia (DBM) and the Ministry of Environment and Climate Change of Mongolia will work together to attract green finance resources and finance priority projects in line with the Sustainable Development Goals. Minister of Environment and Climate Change Odontuya Saldan and the DBM Executive Director Narantuya Zandaakhuu signed a Memorandum of Cooperation on December 24, Montsame reported.

The Memorandum stipulates cooperation in financing large-scale national projects and programs to combat climate change and support green development.

"The Development Bank will work with international organizations to attract green credit resources and boost exports through domestic financial institutions. Under the Memorandum, the DBM will collaborate with the Ministry of Environment and Climate Change to finance projects and programs, that are energy-efficient, have a positive impact on reducing air and environmental pollution, and eco-housing projects," DBM Executive Director Narantuya noted.

The two parties emphasized that by working together, they will be able to attract green finance sources and implement priority projects in line with the Sustainable Development Goals, which will give notable environmental and economic benefits to Mongolia.

As Mongolia increasingly prioritizes its green economy strategy, the Development Bank is working with international financial institutions, such as the Green Climate Fund and the Asian Development Bank, to get affordable financing and technical assistance, thereby improving access to green credit.