KDB to manage Development Bank of Mongolia
Korea’s state-run Korea Development Bank (KDB) said yesterday that it has signed a contract with the Development Bank of Mongolia (DBM) to manage DBM for four years.
Under the deal inked in Ulan Bator, Mongolia Tuesday, KDB will build an overall business operating system for DBM and take charge of its development financing business. The contract could be extended, KDB added.
DBM, 100 percent owned by the Mongolian government, was established in May in a bid to help bolster the development of resources, infrastructure and a manufacturing base in the landlocked country. KDB said the management contract will likely help Korean companies take active roles in resource exploration projects in Mongolia.
In 2009, Korea was Mongolia’s fourth-largest export destination. Mongolia’s economy grew 6.1 percent last year.
Under the deal inked in Ulan Bator, Mongolia Tuesday, KDB will build an overall business operating system for DBM and take charge of its development financing business. The contract could be extended, KDB added.
DBM, 100 percent owned by the Mongolian government, was established in May in a bid to help bolster the development of resources, infrastructure and a manufacturing base in the landlocked country. KDB said the management contract will likely help Korean companies take active roles in resource exploration projects in Mongolia.
In 2009, Korea was Mongolia’s fourth-largest export destination. Mongolia’s economy grew 6.1 percent last year.
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