MANILA, Philippines — State-owned National Home Mortgage Finance Corp. (NHMFC) strengthened its partnership with its counterparts in member-countries of the Association of Southeast Asian Nations through the signing of a memorandum of understanding with Cagamas Berhad of Malaysia and the Mongolian Mortgage Finance Corp. (MIK) in Sentosa, Singapore on Monday.

NHMFC president Renato Tobias, Cagamas Berhad president and CEO Datuk Chung Chee Leong and MIK CEO Gantulga Badamkhatan signed the MOU during the International Secondary Mortgage Market Association meeting held on the same day in Sentosa.

As the government’s sole secondary mortgage institution under the umbrella organization of the Department of Human Settlements and Urban Development (DHSUD), the NHMFC seeks to collaborate with its international counterparts and exchange information on research and programs related to housing finance, mortgage market, mortgage-backed securities (MBS) and other funding instruments.

“The sealing of this NHMFC partnership with Cagamas and MIK is well-timed,” Tobias said.

“As one of the key shelter agencies under the leadership of DHSUD Secretary Jose Rizalino Acuzar, NHMFC is in full support of the government’s Pambansang Pabahay Para sa Pilipino Program or 4PH. With this collaboration with our international counterparts, we can explore solutions to issues on housing and share our experiences and knowledge on policies, research and program that will help us improve our country’s housing situation,” Tobias said.

He added that under the MOU, the housing organizations also commit to share risk management programs that ensure the health of the MBS market. It also allows the NHMFC, Cagamas and MIK to share comparison of housing finance, mortgage and investor activities, as well as housing price monitoring, in their respective countries.

Cagamas Berhad issues corporate bonds and sukuk to finance the purchase of housing loans and receivables from financial institutions, selected corporations and the public sector, while the MIK promotes development of the primary and secondary mortgage markets by issuing and selling mortgage-backed securities in domestic and international capital markets.

Foreign Minister of Mongolia Battsetseg Batmonkh will pay an official visit to Uzbekistan on March 8-9 at the invitation of Minister of Foreign Affairs of Uzbekistan Bakhtiyor Saidov, Montsame reported.

Battsetseg Batmonkh will meet with the leadership of the government of Uzbekistan, hold official talks with her Uzbek counterpart Bakhtiyor Saidov.

Bilateral meetings are planned with representatives of the ministries of trade, investment, agriculture and transport.

It is expected that the agenda during these meetings will cover the deepening of Mongolian-Uzbek cooperation, including the expansion of trade and economic cooperation and the exchange of views on international and regional issues.

The upcoming visit will be the first visit at the level of a foreign minister since the establishment of diplomatic relations with Uzbekistan in 1992, the Mongolian Foreign Ministry notes.

McElroy is pleased to announce the addition of a new distributor to sell and service fusion machinery in Mongolia.

EES Engineering is based in Khoroo, Mongolia and caters to the country’s fast-growing mining industry.

Munkherdene Sanjdorj, head of Business Development at EES Engineering, said his company was first introduced to McElroy equipment while working with the Oyu Tolgoi Mine in the southern part of the country.

“Our company was founded in 2015, at which time the mining industry in Mongolia was still quite young,” said Sanjdorj. “The core of our business is mining equipment and maintenance, so when we were introduced to McElroy equipment, we were quite excited to get involved.”

“EES, LLC is a new and growing company, and we’re excited to help play a part in their success,” said McElroy CEO and President Chip McElroy.

The company prides itself on promoting the latest technology, services, and equipment to boost productivity, quality, and safety in Mongolia.

“From the start, we (EES Engineering’s ownership) wanted to introduce Western brands to the country, as well as an understanding of the equipment itself,” Sanjdorj added.

“Our mining industry is still in a maturing phase, and local companies still have a lot of room for learning.”

Sanjdorj said the company was also drawn to the service training available for McElroy equipment. Through McElroy University, McElroy offers multiple levels of technician and service training, allowing distributors to maintain the highest standards in terms of quality and reliability.

To join McElroy’s distributor network, companies must demonstrate a commitment to providing the same level of service and support that has been a cornerstone of McElroy since its inception. Distributors understand McElroy equipment and the fusion process and are trained to provide service and support.

“We need to be self-reliant when it comes to looking after our machines,” he said. “In the last three years, when many technicians couldn’t enter the country, we were tested to the maximum. We realized the benefit of self-sufficiency and self-reliance when it comes to maintaining and servicing our equipment.”

Annual camel festival was held in Mongolia’s southern province of South Gobi (Umnugobi), as the country hopes to revive its tourism sector and pass on the camel culture to the next generations.

Hundreds of camel herders and camels across the nomadic country participated in the two-day festival held in the provincial capital city of Dalanzadgad. The “Ten Thousand Camel Festival” event includes camel polo, camel racing, camel parade, camel relay races, camel auction and an exhibition of camel products.

Mongolia has planned more than 90 events, including the camel festival, to attract tourists, declaring 2023-2025 as “Years to Visit Mongolia.”

South Gobi has the largest camel population in the country, accounting for over 30 percent of the national total.

On March 8, at 2:00 PM EST, Secretary of State Antony J. Blinken, along with the First Lady of the United States, Dr. Jill Biden, will host the annual International Women of Courage (IWOC) Awards in an award ceremony at the White House and present awards to each of the eleven 2023 IWOC awardees, recognizing their exceptional courage, strength, and leadership.

The award ceremony will be live streamed on www.state.gov in Mongolia on March 9, at 3:00 AM ULAT.

Brigadier General Bolor Ganbold will be honored for her nearly 30 years of courageous service to Mongolia and the series of firsts she has achieved, which have broken barriers and opened the door for other women to follow. On March 18, 2022, Brigadier General Bolor earned yet another first, becoming the first woman general in the Mongolian Armed Forces. Her experiences as a member of both the United Nations Mission in the Central African Republic and Chad in 2010 and the United Nations Mission in South Sudan in 2013, as well as serving as a Peacekeeping Affairs Officer within the United Nations Department of Peacekeeping Operations, have guided her efforts in seeking to reduce the various barriers that prevent women from fully developing their potential as peacekeepers. Brigadier General Bolor utilizes her current position as the Chief of the Education and Training Directorate of the General Staff of the Mongolian Armed Forces to advance gender equality in all facets of the Mongolian Armed Forces’ organizational structure, activities, and operations.

Attributed to U.S. Ambassador Richard Buangan:

The U.S. Embassy in Mongolia is proud that Brigadier General Bolor Ganbold has been selected as one of 11 women leaders to receive the International Women of Courage Award. It is the most prestigious award given by the U.S. Secretary of State to women from around the world who demonstrate exceptional courage, strength, and leadership in advocating peace, justice, human rights, gender equality, and the empowerment of women and girls, often at personal risk and sacrifice. I hope that her story and the story of other IWOC Awardees will serve as sources of inspiration for women and girls around the world to break gender barriers, advance equality, and build brighter futures for all.

As the first woman general in the Mongolian Armed Forces, BG Bolor has opened the door for women to rise in military ranks that are traditionally reserved for men and paved the path for women in uniform to serve as leaders in UN peacekeeping.

My colleagues and I look forward to following the ceremony online when BG Bolor receives her award from Secretary Blinken and First Lady Dr. Jill Biden at the White House in Washington DC on March 8.

Courageous women inspire a better world. Now in its 17th year, the Secretary of State’s IWOC Award recognizes women from around the globe who have demonstrated exceptional courage and leadership in advocating for peace, justice, human rights, gender equity and equality, and women’s empowerment – often at great personal risk and sacrifice. Since March 2007, the Department of State has recognized more than 180 awardees from over 80 countries. U.S. diplomatic missions nominate one woman of courage from their respective host countries and finalists are selected and approved by senior Department officials. Learn more about IWOC at https://www.state.gov/secretary-of-states-international.../.

Following the IWOC ceremony, Brigadier General Bolor will continue to participate in a two-week International Visitor Leadership Program (IVLP) exchange and connect with American counterparts throughout the United States. Brigadier General Bolor will visit Cleveland and Los Angeles and cultivate relationships with her counterparts to share strategies and ideas to empower women and girls around the globe, in all their diversity.

The International Visitor Leadership Program (IVLP) is the U.S. Department of State’s premier professional exchange program. Through short-term visits to the United States, current and emerging foreign leaders in a variety of fields experience this country firsthand and cultivate lasting relationships with their American counterparts. Learn more about the IVLP here: https://eca.state.gov/ivlp.

Media outlets in Mongolia are encouraged to reach out to PasPress@usembassy.mn email for more information. We also invite you to follow #IWOC2023 and #WomenOfCourage on social media for updates on this year’s awards.

Parliament approved the Law on Regulation Activities of Money Loans and the law entered into force on March 01, 2023. The law aims to register and control legal entities engaged in the operation of money loans granted under the collateral lending procedure. It also applies to a citizen who participates in money-lending activities regularly and for the purpose of making a profit. The Law provides for regulations related to setting the maximum interest rate for loans, paying the loan and its interest, and protecting the rights and legal interests of the client in the operation of money loans.

The Law has defined the following requirements for entities and citizens engaged in money loans;

the amount of capital (cash) of citizens – for loan activities - and the amount of capital contributed by legal entities must not be less than MNT10.0 million,

staff (executive management, managers, and related employees) must have attended training,

possession of a current bank account for cash loan operations,

registration as a taxpayer,

cash register and printing equipment connected to the unified tax system,

a workplace that meets the requirements and standards for the activity (in order to engage in money loan activities under the collateral lending procedure),

the online registration process, and

connection to an electronic database;

Regarding the Law, in cases where the capital contribution of a legal entity engaged in money loan activities is MNT100.0 million in provinces (and more than and MNT300.0 million in the capital), it shall be registered with the Financial Regulation Commission. In other cases, it shall apply to and request registration with the Governor of the aimag, or Ulaanbaatar, respectively. Before the Law enters into force, a pawnshop that has entered into an agreement with the competent authority shall be registered with the relevant registration authority (within one year after the Law enters into force.

The Law on the Regulation Activities of Money Loans includes the following detailed regulations related to money loans. Unregistered entities shall not engage in money loan activities or not make advertising about money loan activities. Registered entities shall set the interest rate at the maximum loan interest rate determined by the Money Loans Policy Council and work according to the calculation of the amount of loan interest and the methodology. Registered entities shall not pledge items registered with the electronic database containing information on lost items. Registered entities shall immediately report suspicious items to the Police.

Registered entities shall deliver the notice of enforcement of the lien to the borrower, and borrowers must pay it within 14 days. If the mortgagor requests, determine the value of the mortgaged item by an expert before selling it. If the entity sells the pledged item, the rest of the income will be paid to the pledgee after deducting the pledge requirement.

The implementation of the Law has the following significance;

empowering legal entities engaged in money loans activities as professional financial participants,

improve service standards,

protect the rights of customers,

prevent citizens from becoming victims of high-interest money laundering,

prevent crime by reducing the act of taking loans against stolen goods, and

combating money laundering and the financing of terrorism.

As soon as the Law comes into force, citizens will have the possibility to check whether an entity is registered with the competent authority when receiving financial services from a legal entity engaged in money loan activities. People will be able to review the terms of the loan and interest rates and minimize any possible risks.

Source: Financial Regulatory Commission

Qatar Chamber hosted on Monday the “Qatar-Mongolian Business Meeting”, which was co-chaired by First Vice Chairman HE Mohamed bin Twar al-Kuwari and Chief of the President Office of Mongolia HE Sodbaatar Yangug, in the presence of many businessmen from both countries.

The meeting touched on ways to enhance cooperation between Qatari and Mongolian businessmen, as well as the investment opportunities available on both sides.

Addressing the meeting, HE Mohamed bin Twar Al Kuwari said that the State of Qatar and Mongolia are linked with good relations, noting that they have a common desire to enhance their relations, especially in the economic and commercial fields.

HE also indicated that Qatar offers an attractive investment environment that introduces many incentives and facilitations that allow full ownership for foreign investors in various economic sectors and activities, in addition to the advanced infrastructure and the economic laws and legislation, assuring that these privileges helped Qatar to become a leading destination for business and investment.

Al Kuwari invited Mongolian companies to invest in Qatar and take advantage of the incentives offered to foreign investors and the opportunities galore in multiple sector, stressing that the Qatar market is promising and welcomes foreign investments.

HE also underscored the Qatar Chamber’s interest in encouraging Qatari businessmen to invest in Mongolia, pointing out that it owns tremendous potential and promising investment opportunities in a diversity of sectors such as agriculture, food, tourism, mining and others.

For his part, Chief of the President Office of Mongolia HE Sodbaatar Yangug praised the good relations between his country and Qatar, stressing that they witnessed considerable growth over the past 25 years, noting that they the Mongolian

Government is keen to develop the commercial and economic relations with Qatar and support the activities of businessmen.

He noted that both countries signed a number of agreements in various sectors, expressing his confidence that these agreements would contribute to facilitating trade and investment between both sides, indicating that the delegation compromise 22 abusinessmen from 13 companies specialized in agriculture, food processig, mining and tourism.

Duuren Tumenjagal, CEO of the Mongolian National Chamber of Commerce and Industry, said that the delegation includes a number of businessmen willing to enhance cooperation with the Qatari side in various sectors, calling Qatari investors to visit Mongolia to learn about the investment opportunities available there.

He delivered a presentation on the Mongolian economy and the investment climate, as well as opportunities in agriculture, tourism, mining, and meat productions sectors.

Canada’s crackdown on Chinese investment in critical minerals will make it harder for miners to produce the metals needed for the global energy transition, according to Ivanhoe Mines Ltd. founder Robert Friedland.

“We’re going to be deprived of all this Chinese capital in all these junior mining companies,” the billionaire mining magnate told a packed auditorium in Toronto on Sunday. “It’s really getting harder out there to be a miner.”

The Canadian government tightened its foreign investment laws in November to clamp down on foreign state-owned enterprises pursuing takeovers or investing in the mining industry. That same month, the government ordered three Chinese firms to divest from a trio of junior lithium explorers.

The new rules create a financial quandary for Canadian miners who’ve relied on China as a reliable source of funding. China has built up stakes in more than two dozen Canadian mining companies, including some of the industry’s biggest names, according to a Bloomberg analysis.

Citic Metal Africa and Zijin Mining Group, two firms closely linked to the Chinese government, hold a combined 39.5% stake in Friedland’s Ivanhoe Mines. Jiangxi Copper Co. owns 18.3% of Vancouver-based copper producer First Quantum Minerals Ltd.

Friedland, speaking at an industry conference hosted by the Prospectors & Developers Association of Canada, said the rules make it “even harder” to produce metals like lithium, copper and nickel when demand for the metals is set to soar.

“We’re going to need a lot more money coming to junior mining. I mean, orders of magnitude more,” he said.

Canada’s new rules don’t identify countries, but the updates are part of a new policy approach toward China, which Prime Minister Justin Trudeau’s government has described as an “increasingly disruptive global power” that disregards international rules and norms.

(By Jacob Lorinc)