On October 25th, 2018, Golomt Bank signed “Framework Agreement on Regular Cooperation Mechanism under the Belt and Road Initiative” with Industrial and Commercial Bank of China (ICBC). The two banks were represented by Mr. Ganbold Galsan, President of Golomt Bank and Mr. Wang Kun, Deputy General Manager of International Banking Department of ICBC.
Belt and Road Initiative is a development strategy first proposed by President Xi Jinping of China, aimed at linking China to Central and South Asia and onward to Europe, strengthening economic cooperation of the countries along the way and improving transportation of natural resources. Under this framework, ICBC initiated Regular Cooperation Mechanism under the Belt and Road Initiative in 2017, to establish a platform for cooperation among banks in the countries along the “Belt and Road”, and improve cross-border financial infrastructure. Currently, over 50 international bank and financial institutions have joined the mechanism.
By signing the agreement and joining the mechanism, Golomt Bank and ICBC would be able to support the major projects and trade economic cooperation between Mongolia and China under the Belt and Road Initiative by offering comprehensive financial services such as financing, hedging solutions, settlement and other possible services.