Golomt Bank has renewed its $10 million trade line with IFC, a member of the World Bank Group, under the Global Trade Finance Program with the aim of supporting cross-border trade in Mongolia. IFC’s GTFP extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained. Under the GTFP, IFC has issued guarantees for more than $100 billion globally.
Under this partnership, Golomt Bank was also invited to join the esteemed “Global Trade Partners Meeting 2024”, hosted by IFC in Barcelona, Spain, from May 7th to 9th, 2024. Ms. Unengerel Chuluunbat, Director of Trade and Structured Finance Department, Golomt Bank, participated in the “Women in Trade” Roundtable alongside senior banking representatives across regions. During the discussion, Ms. Unengerel Chuluunbat shared the Bank’s experience and ideas on overcoming obstacles to inclusive financing and fostering collaborative solutions with industry peers.
A former GTFP member from 2016 to 2020, Golomt Bank is set to further leverage IFC’s expertise and global reach. The bank will further expand its trade network, identify a broader range of international counterparties, and diversify its own trade portfolio. This move reinforces Golomt Bank’s commitment to supporting trade activities that contribute to Mongolia’s economic growth and financial stability.
/Golomt Bank attending IFC’s Global Trade Partners Meeting 2024 in Spain. From left to right: Mr. Allen Forlemu – Regional Industry Director, Financial Institutions Group, Asia and Pacific, IFC; Ms. Unengerel Chuluunbat- Director of Trade and Structured Finance Department, Golomt Bank; Ms. Nhung Cam Nguyen, Associate Trade Finance Officer, GTFP, IFC; Mr. Akintunde Ogunmodede, Regional Head for Global Trade Finance, IFC/
/GTFP member bank representatives at the Global Trade Partners Meeting 2024/
About Golomt Bank JSC:
Golomt Bank is among the largest commercial banks in Mongolia, serving a complete spectrum of financial services to customers across Retail, Corporate and SME segments, resulting in the most balanced and diversified portfolio. The Bank plays a vital role in the economy, implementing programs supporting SMEs and Woman entrepreneurs, with a strategic focus on Sustainable financing. As of FY 2024Q1, Golomt bank holds a leading market share in services including gold trading, mortgage, international transactions, credit card, letter of credit issuance, custodian banking and online retail transactions. For more information, visit www.golomtbank.com
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