Savings Bank of Mongolia signed a memorandum of cooperation with the German Agency for International Cooperation (GIZ) on Tuesday.

The memorandum aims to support small- and medium-sized businesses, train and advise business owners, and finance projects that meet agreed-upon requirements. The mining sector will also be supported.

Officials say cooperation between Savings Bank and GIZ will contribute to Mongolia’s economic development by raising the professional standards of the country’s businesses.
They also say the agreement will help small- and medium-sized businesses expand with assistance from international organizations and Savings Bank.