Government to hold 51% share in Development Bank
The head of the National Development and Reform Committee (NDRC) has said there has as yet been no response to the very recently published advertisement for a management team to run The Development Bank. The last date for submitting a bid is November 22, and the NDRC and the State Property Committee will make the choice then. The Bank will provide finance for large development projects, including those in infrastructure and processing factories.
The bank’s proposed capital will be at least MNT5 billion, 51% of which would be from the Government and the rest will come from investors and donor countries. It has been decided to have a team of international professionals to manage the bank as there are not enough experienced Mongolian bankers. The selection will be restricted to those with working experience in international finance and the Executive Director should have a track record of ability to attract investment from diverse sources.
The bank’s proposed capital will be at least MNT5 billion, 51% of which would be from the Government and the rest will come from investors and donor countries. It has been decided to have a team of international professionals to manage the bank as there are not enough experienced Mongolian bankers. The selection will be restricted to those with working experience in international finance and the Executive Director should have a track record of ability to attract investment from diverse sources.
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