Development Bank says it provided 225 billion MNT in loans in 2017

Development Bank of Mongolia (DBM) officials held a press conference on October 6 to report on the activities and operations of the state-owned bank.

As of September 2017, DBM has 2.9 trillion MNT in remaining loans provided. Specifically, bank officials note that 45 individual projects were financed while 1,625 smaller projects were financed through commercial banks and the Small-to-Medium Enterprise Development Fund.

Of the remaining loans, 91.3 percent are being paid on time and only 9.7 percent are non-performing, stated DBM officials. The report claimed that DBM loans to private businesses have helped retain 3,000 jobs while also creating 1,500 more jobs.

In 2017, the bank has provided 225 billion MNT in loans. Around 73 percent of loans were allocated to projects to support the increase of exports. The projects that officials mentioned were the Alt-2 project, loans to the cashmere industry, the production of animalbased protein, and the production of wool.

In terms of debt repayment, DBM has paid 293.58 billion MNT in interest payment while paying off 1.9 trillion MNT in the core payment of its loans.

In February, DBM exchanged the 580 million USD Euro Bond for a new sovereign bond, the Khuraldai Bond. The bank has repaid 65.4 million USD to the Russian VTB Bank, 269.9 million USD for the Chinggis Bond, 94.8 million USD to the Credit Suisse Bank, and 27 million USD to China Development Bank.