ULAANBAATAR, Mongolia, May 19, 2022 /PRNewswire/ — Regardless of the ongoing speculation about The Development Bank of Mongolia’s (‘DBM’) performance and allocation of funds, the bank says it is set to pay off the outstanding bond payments of the JPY 30 Billion Samurai Bond before its maturity date. The Samurai Bonds are guaranteed by the Japan Bank for International Cooperation (JBIC) and the Government of Mongolia.
The DBM was formed in 2011 by the Government of Mongolia to fill the gap created by the domestic, and commercial banking sector which is unable to finance large-scale development projects for economic expansion through providing access to long-term and low interest loans, thereby providing cost-effective financing. In 2013, the bank issued Mongolia’s first-ever Samurai bond to invest in infrastructure projects and to offset a weakening economic cycle. It mandated 60% of its loans to finance large-scale industrial projects to…
