The South Korean Development Bank will manage the Development Bank of Mongolia under the terms of an agreement signed yesterday at the Government House in Ulaanbaatar. The agreement follows the Mongolian State Property Committee’s search for an international “management team” to run the Development Bank of Mongolia. The committee ultimately selected the South Korean Development Bank. The agreement was signed by Ch. Hashchuluun for the Development Bank of Mongolia, and Han Dai Woo and Kim Jang Ji for the Korean bank. 

Mongolian Prime Minister S. Batbold noted that the Development Bank is responsible for setting up a wide range of public works projects, including road and railway construction and home building. He also said the bank should work to increase exports from Mongolia. The prime minister said the South Korean bank, with its 60 years of experience, will help contribute to Mongolia’s continuing development.

Kan Man Su, president of the Korean Development Bank, said, “The Government of Mongolia keeps encouraging economic growth. The history of the Korean Development Bank goes back 60 years. Our goal was same as yours. Korea passed through hard times. And the Korean Development Bank played a big role in our history. Therefore cooperation between the banks of our two nations will achieve great success.”