IFC, a member of the World Bank Group, has signed two agreements with Mongolia's Financial Regulatory Commission (FRC) with the aim of developing green financing, as well as improving access to financial products and services for the country's micro, small and medium enterprises.
The move will see the introduction of value chain finance (VCF) in Mongolia, to help the country's micro, small and medium-sized enterprises (MSMEs) access funding from financial institutions. It follows earlier work which allowed MSMEs to use their moveable assets as a basis for borrowing loans. The project builds on the government of Mongolia's ongoing efforts to increase agricultural exports, develop local suppliers, and make use of technology such as e-platforms.
Under the memorandums of understanding, IFC will also work with FRC to develop a market for green finance in Mongolia, particularly green bond guidelines, and also support the financing of environmentally friendly projects and practices in the country. It will also help expand the use of environmental, social, and governance (ESG) standards, and assess climate-related risks in the financial system.Source : https://www.marketscreener.com/news/World-Bank-IFC-and-Financial-Regulatory-Commission-Join-Hands-to-Develop-Green-Finance-and-Improve--30625074/
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