DBM LLC AND MINISTRY OF FOOD AND AGRICULTURE’S FUND TO PROMOTE FARMING TO PROVIDE FARMING MACHINERY ON LEASE
The Development Bank of Mongolia (DBM) received a 3.5-year 10 million USD loan from the Eximbank of Russia (Russian Export-Import Bank) to buy farming equipment in order to implement the Atar 3 campaign and Renewal of Farming Machinery project.
The campaigns to support the intensification in farming were included in the 2016 to 2020 action plan approved by Cabinet.
The agricultural equipment and machinery purchased through the discounted loan will be provided on lease by the bank’s subsidiary DBM Leasing LLC and the Ministry of Food and Agriculture’s Fund to Promote Farming.
Companies that wish to purchase the Russian-made equipment will send their requests to the Fund to Promote Farming, and the selection and distribution process of the machinery is already underway.
A total of 543 farming equipment consisting of 20 models were purchased from Russian suppliers. Currently, 70 farming equipment has been delivered to Mongolia.
DBM Leasing LLC has stated it will be purchasing machinery and equipment in the energy, mining, and agricultural sectors to lease out to private companies. The farming sector is just the beginning, stressed DBM officials.