Golomt Bank is pleased to announce its renewed partnership with the Asian Development Bank /ADB/ under the Trade and Supply Chain Finance Program /TSCFP/. This strategic collaboration aims to make trade and supply chain financing more accessible for businesses in Mongolia, fostering sustainable growth and international trade development. As an issuing bank in the TSCFP, Golomt Bank provides trade finance loans and guarantees, enhancing the availability of trade financing solutions.
Golomt Bank’s involvement with ADB’s TSCFP from 2010 to 2014 demonstrated its commitment to supporting trade and supply chains. The renewal of this cooperation reaffirms Golomt Bank’s continuing dedication to support trade finance infrastructure and sustainable business practices in Mongolia.
ADB’s Trade and Supply Chain Finance Program empowers countries to meet the Sustainable Development Goals by closing market gaps through guarantees, loans, and knowledge products. Since 2009, the TSCFP has supported more than $69 billion in trade across 77 thousand transactions with over 50% of financing directed towards the SME sector.
Golomt Bank, together with ADB, is committed to providing unparalleled trade finance expertise, global standard services, and reliable financial products.
About ADB
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members – 49 from the region. ADB’s partnership strategy for Mongolia focuses on promoting inclusive growth and economic opportunity, investing in critical infrastructure, building climate and economic resilience, and supporting private sector participation.
About Golomt Bank
Golomt Bank is the third largest bank in Mongolia in terms of total assets, with a market share of 20% in deposits and 18% in total loans in the Mongolian banking sector. As a pioneering financial institution in Mongolia, Golomt Bank maintained a leading position in trade finance services with market share of 68.5% in terms of foreign guarantees and letter of credit by amount in 2023. The Bank have solidified its international relationship with development financial institutions such IFC and ADB along with 250 partners around the world.
For more information, please visit: Advising a bank guarantee (golomtbank.com)
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