The Development Bank is getting down to business following its inauguration yesterday. It is expected to make a big contribution to national development in the coming days.
The DB has been set up primarily to finance large projects such as New Creation, the railway, and the Sainshand Industrial Complex. The Government has allowed the Bank to sell bonds worth MNT800 billion in the domestic market to raise the money for these projects. MNT250 billion of this will have a term of 5 years, MNT250 billion of 10 years, and MNT300 billion of 15 years.

The Development Bank of South Korea is responsible for the Bank’s management, with Mongolians expected to fill at least 50% of the managerial positions. L.Bolormaa has already  been appointed Deputy Director.