The Development Bank of the Republic of Mongolia today (2024.08.26) signed a Memorandum of Understanding (MoU) with K-Sure Corporation, a subsidiary of the Ministry of Trade, Industry and Energy of the Republic of Korea.

According to the memorandum, in addition to export-supporting financing, the bill also lays the groundwork for low-greenhouse gas energy sources and the co-financing of loans and development projects aimed at reducing carbon dioxide emissions.

Specifically, within the framework of expanding Mongolia-Korea cooperation, the memorandum provides for cooperation in projects and programs to be implemented under the Government’s policy, including increasing the availability of renewable energy sources, developing high-value mining and low-greenhouse gas energy sources, providing credit services related to environmental rehabilitation, mining, and other areas of common interest to the two sides.

It is also possible for the Development Bank to divert low-cost financing sources from the NSW market with the insurance of K-Sure Corporation. To be more precise, the Development Bank will be in a favorable position to disburse the sources of financing from the BNSU with insurance, provided that the country’s industrial unit acts as the contractor for the development projects being implemented in our country.

K-Sure Corporation is a long-term insurance company that has been operating continuously since 1992 and provides long-term insurance for the purchase of commercial loans, equipment, and technology. Last year, in 2023 alone, the corporation issued 244 won insurance, an all-time high. The cooperation of the Development Bank with this institution will contribute to the fulfillment of its role as an ex-bank in the future.