IBEC supports the supply and sales of electric vehicles in Mongolia

The International Bank for Economic Co-operation has provided Mongolian Transport and Development Bank (TransBank) with a trade-related loan of CNY 11.5 million for one year to support the supply and sales of electric vehicles.

Mongolia has made commitments under the Paris Agreement and is striving to achieve zero carbon emissions by 2050. In accordance with the directive of the Prime Minister of Mongolia, special attention is being paid to the development of green technologies and a sustainable economy.

As of December 2023, more than 1,000 electric vehicles were registered in Mongolia, and by 2026, the Government plans to expand the electric vehicle fleet to 20,000 units. Expanding charging stations capacity and improving the regulatory framework are key aspects of this initiative.

In order to develop green technologies, TransBank introduced a new loan program "EV Loan Product", which includes various loan options for consumers to purchase electric cars and SUVs, including those from China. The program meets the criteria of several Sustainable Development Goals, including clean energy, sustainable industrial and urban development, responsible use of resources, combating climate change and others.

Moreover, part of the funds provided by IBEC under the trade-related loan will be used to finance a contract for the supply of electric SUVs to Mongolia.

Since the beginning of cooperation between IBEC and TransBank in 2021, when the parties concluded the General Agreement on the implementation of trade finance transactions in order to develop partnership and jointly support export and import operations of Mongolian companies, the parties have implemented a pool of trade finance transactions totaling more than 9 million euro equivalent in various sectors of economy and industry.

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