Ulaanbaatar and Moscow to enhance their cooperation www.montsame.mn

Ulaanbaatar /MONTSAME/ Mayor of Ulaanbaatar S.Batbold held a meeting with his Russian counterpart Sergey Sobyanin on October 9 in Moscow.

Mongolian Falcon joins Baker-Forsman team www.theinformant.co.nz

Last year’s Hawke’s Bay Guineas winner Mongolian Falcon has joined the Cambridge stable of Murray Baker and Andrew Forsman.

Golomt bank obtains long-term loan from WBC AND OPIC www.montsame.mn

Ulaanbaatar /MONTSAME/ Golomt Bank has signed an 8-year credit agreement with WorldBusiness Capital Inc (WBC) under a guarantee from the U.S. Overseas Private Investment Corporation (OPIC) as part of its commitment to develop SME businesses in Mongolia.

Golomt Bank website published the news on October 10.

With this long-term facility, Golomt Bank is supporting not only its SME clients, but also growing corporates that fall into the international definition of SMEs. The loan facility is especially oriented towards promoting SMEs operating in the agribusiness sector and environmentally friendly projects.

On the occasion of credit agreement signing, Tomas Bravenec, Deputy CEO of Golomt Bank mentioned: “We are thankful to OPIC and WBC for their support and confidence they put forward. It makes us very proud to receive such long term funding, which extends beyond the currently outstanding Mongolian sovereign bonds. This commits us to work even harder and better on behalf of our customers and international partners,”

This agreement is a milestone for Golomt Bank expanding its U.S. partnerships and aligning its goal with the mandate of international institutions like OPIC and WBC to support business growth, job creation and overall development of the emerging market through long-term financing solutions.

World Business Capital, Inc. (WBC) is a commercial finance company based in Hartford, Connecticut, USA that offers flexible term loans helping small and midsize businesses compete in the global marketplace. Founded in 2003, WBC is a direct lender with many years of experience in cross-border trade and project finance, and has a proven track record in emerging markets around the world, with a focus on lending in Latin America, Asia, Eastern Europe, and Africa.

The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.

OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States. ​​​​​​​

Golomt Bank is a leading systemically important bank in Mongolia, with MNT 5 trillion in assets as of September 30, 2017, serving corporate, SME and retail customer segments across the country. Golomt Bank aims to help its clients build sustainable businesses and with this goal in mind, Golomt Bank is working to bring favorable funding solutions to its clients.

Yorkshire Firm Helps To Build A Home For Mongolian Family In Need www.businessupnorth.co.uk

Yorkshire-based events company, that specialises in hiring beautifully handcrafted yurts, will help to build a home for a Mongolian family in need this Christmas.

Award-winning company Yorkshire Yurts, will donate £1 of every ‘Ski Boot’ drink sold at its Yurt Bar Christmas parties in 2017, to the Christina Noble Foundation’s ‘Give a Ger’ programme.

Yorkshire Yurts, which provides luxurious yurts, marquees and furnishings for weddings, parties and events, has aptly chosen to support the charity in providing funds towards building a traditional yurt, also known as a Mongolian ger, for a family without a home.

Having seen a 26% increase in demand for Christmas party bookings in 2017 compared to last year, Yorkshire Yurts has chosen to celebrate the success of its subsidiary, Yurt Bar, by giving to those in need this Christmas.

Established in 1991, The Christina Noble Children’s Foundation is a partnership of people dedicated to helping children in Mongolia and Vietnam. The charity began working in Mongolia after recognising the thousands of sick and destitute street children living in manholes beneath the streets of the country’s capital, Ulaanbaatar.

The charity provides emergency and long-term medical care, nutritional rehabilitation, educational opportunities, vocational training and job placement to children at risk of sexual and economic exploitation.
Yorkshire Yurts’ Yurt Bar experiences will take place in Moor Allerton on selected dates throughout December; inviting local businesses to celebrate Christmas in a festive, apres-ski themed yurt with a three-course dinner, drinks and live entertainment.

Founder and managing director, Tom Sterne said:

“Having experienced significant demand for our Christmas Yurt Bar parties this December, we felt that a fitting way to give back, would be to support the country that developed the very product our business is based upon.

“With the potential for more than 2,000 attendees at a Yurt Bar Christmas party event, we hope the proceeds will go a long way to providing a Mongolian family with a new home.

“We hope that the money we donate will seriously help to provide a family with the home they desperately need. Christmas is the perfect opportunity to take time to reflect and be grateful for all that we have; both in personally and in business.”

Office Manager at Christina Noble Foundation, Fiona Geoghegan commented:

“The “Give a Ger” programme is an emergency fund which was established in 2001 to provide a home for families in danger of becoming homeless, and those families struggling to survive poverty and the harsh Mongolian winters where temperatures regularly plummet to -40 degrees.

“The gift of a ger does far more than simply removing children from squalid and unhealthy living conditions. The most important factor is that it offers security and stability to families under pressure and the chance of a new start. So a huge thank you to Yorkshire Yurts for supporting this life-changing programme.”

Russia, Mongolia to discuss economic cooperation in Irkutsk in late October www.interfax.com

IRKUTSK. Oct 9 (Interfax) - The Russian-Mongolian Intergovernmental Commission will meet in Irkutsk on October 18-20, the regional government said in a statement on Monday.

Aspire Mining secures licence for Nuurstei project in Mongolia www.mining-technology.com

Exploration and infrastructure company Aspire Mining has received a mining licence for its Nuurstei coking coal project in Mongolia. 

Mongolia and EFTA discuss trade cooperation www.theubpost.mn

The second meeting of the Joint Committee on Cooperation between Mongolia and the European Free Trade Association (EFTA) took place on October 5 in Ulaanbaatar to discuss ways to deal with the current challenges in trade and economic cooperation between the parties.

October 9, 2017 Trading report www.mse.mn

On October 9, 2017, 310,466 shares of 57 firms listed as Tier I, II, and III were traded. 36 firms’ shares increased in price, 12 decreased and 9 remained unchanged. Kherlen Khivs JSC was the top performer, increasing 14.98 percent, whereas Mongolian Mortgage Corporation JSC was the worst performer, decreasing 10.09 percent.

‘War on coal is over’: EPA scraps Obama-era clean power plan www.rt.com

The Trump administration has put another nail in the coffin of former President Barack Obama’s climate change legacy by withdrawing from the 2015 Clean Power Plan intended to reduce greenhouse gas emissions.

"Regulatory power should not be used by any regulatory body to pick winners and losers," said the head of the Environmental Protection Agency Scott Pruitt Monday, announcing he will sign a new rule rescinding the Obama-era plan. The Clean Power Plan was designed to prompt a shift away from coal-fired power and toward cleaner energy sources, like natural gas, wind and solar.

Tsetsii wind farm launches www.mongolia.gogo.mn

ULAANBAATAR (GoGo Mongolia) - On Oct 6, Clean Energy Asia LLC together with its shareholders, Newcom LLC and SB Energy Corp., successfully launched operations of a 50MW wind farm in southern Mongolia.

Clean Energy Asia LLC commenced the construction of the Tsetsii wind farm in Sep 2016. Within one year, the company completed the installation of 25 wind turbines, the construction of Tsetsii substation and its 32 km long air transmission lines. 
The project has completed three months earlier than planned and nearly 500 employees have worked for the construction, of which 95% were Mongolians.
Located in Tsogttsetsii soum, Umnugobi province, the 50MV wind farm was financed by the debt of Japan International Cooperation Agency (JICA) and the European Bank for Reconstruction and Development (EBRD). Mongolia is the first country to sign a memorandum with Japan on the Joint Crediting Mechanism (JCM) to reduce greenhouse gas emissions.
Mongolia faces great challenges in meeting its growing demand for electricity, almost all of which is currently met by aging and polluting coal-fired plants. The wind farm will help supply Mongolia’s power demand with clean, eco-efficient electricity by harnessing Mongolia’s vast and inexhaustible wind resources. The project will help contribute to the sustainable economic development and the mitigation of climate change.
Mongolia has a power-supply capacity of 1130MW, consisting of 88% coal, 6% diesel, 6% renewable energy, and 2% hydropower sources (Department of Energy, Mongolia, 2015). While being the world’s eighth country most susceptible to climate change (Climate Risk Index. Source: GERMANWATCH “Global Climate Risk Index 2014”), electricity supply-demand balance along with its economic growth is an urgent issue for Mongolia; accordingly, Mongolia is a country that particularly requires safe and secure power sources such as renewable energy. The State Great Khural approved a national power policy in 2015 that sets Mongolia’s mid-to-long term target and plan for 2015-2030 in the energy sector. The policy aims to increase the power generation share of renewable energy to 20% by 2020 and to 30% by 2030, and it stipulates the promotion of investment in the energy industry in cooperation with international financial institutions and donor countries, utilizing the abundant wind and solar resources in the Gobi region. 
The Tsetsii wind farm is estimated to reduce greenhouse gas emissions by approximately 230,000 tons per year while saving 180,000 tons of coal and 1.2 million tons of water per year.
In these circumstances, this Tsogttsetsii wind farm project will help contribute to the increased adoption of renewable energy in Mongolia.