ADFIAP welcomes Development Bank of Mongolia as newest member

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DB MongoliaADFIAP has its newest member in the Development Bank of Mongolia, (DBM) www.dbm.mn/en. DBM is a 100% state-owned development financial institution officially established on May 12, 2011 to foster economic and infrastructure development of Mongolia. It aims at providing financing for policy-oriented projects that include infrastructure, railway and road transportation, value-added export products, substitute of import products, mining supply chain, processing industries and other major industries.

To implement international banking practices at the initial stage of the Bank’s operations, a management contract has been inked with the Korea Development Bank (KDB). Currently, DBM is managed by a composite team of Korean and Mongolian key officers. The Bank’s executive management team comprises of 6 board of directors of which a CEO and two deputy CEOs are Koreans and first deputy CEO and two deputy CEOs are Mongolians. The other 3 directors which complete the Bank’s 9 board of directors are independent members from the Central Bank of Mongolia, the Banker’s Association and from the Mongolian National Chamber of Commerce and Industry. DBM’s present CEO is Mr. Kim Jang Jin.

DBM wishes to benefit from the programs of the ADFIAP such as staff and professional development, information exchange, and business cooperation and networking. ADFIAP welcomes the current trend in the region and elsewhere where new development banks are being set up/about to be set up/being further enhanced, which highlights the key role of these development finance institutions in helping countries to promote economic well-being and prosperity. For inquiries on experiences of development banks, institutional capacity-building programs and advisory services, please email: inquiries@adfiap.org

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