Golomt Bank, Khan Bank, Trade and Development Bank, and Xac Bank recently signed finance agreements with the Asian Development Bank aimed at providing needed financing to local companies involved in foreign trade. “Greater access to trade finance will help Mongolia”s many resource companies sell their goods overseas and provide critical support for its developing manufacturing sector,” said Adrian Ruthenberg, ADB”s country director for Mongolia.

“Equally important are the links that the Trade Finance Facilitation Program (TFFP) will foster between Mongolia and its neighbors,” he said. The TFFP will provide much-needed finance to trading companies and also connect banks and firms in Mongolia with their counterparts within Asia and other regions. It is the first region-wide program undertaken by the ADB aimed to help banks in developing member countries and provide trade finance products to importers and exporters.