ICFG secures $25 million loan facility to expand Mongolia operations www.investing.com

LONDON - ICFG Limited (LON:ICFG), an international financial services group, has secured a loan facility of up to $25 million from Alternative Investments VCC, acting on behalf of Helicap Income Opportunities Fund, according to a press release statement issued Tuesday.
The initial disbursement under the facility amounts to $11 million, with $9.5 million allocated to ICFG’s subsidiary Pocket NBFI LLC and $1.5 million to ICFG Limited. ICFG PTE. Ltd. will serve as guarantor for the loan.
Pocket NBFI operates the Pocket fintech application, which currently serves over 875,000 registered customers. The platform functions as a financial marketplace connecting customers with multiple financial service providers.
"We are delighted to partner with Helicap to further our mission of advancing financial inclusion across emerging markets," said Enkhmaral Batkhuyag, Interim CEO of ICFG. "This facility will enable us to scale our lending operations in Mongolia and strengthen our digital financial ecosystem."
Helicap is described as a fintech investment management firm specializing in the alternative lending sector across the Asia-Pacific region. The company aims to address what it estimates as a more than $500 billion credit gap in the region.
ICFG indicated that the partnership aligns with its mission to expand financial access for underbanked and unbanked populations while promoting the growth of micro, small and medium enterprises across emerging markets. The company expects to announce further updates as additional tranches of the facility are agreed and disbursed.

Government Plans to Expand Fuel Reserve www.montsame.mn

Mongolia’s parliament members’ hospitality expenses to be cut as teachers’ and doctors’ pay rises www.asianews.network

The ruling Mongolian People’s Party group meeting held on November 3, 2025 agreed on measures to raise public-sector wages while cutting other expenditures to free up resources for the 2026 state budget. MPP group leader J.Batjargal said the party has estimated funds to raise the basic teacher salary to MNT 2.8 million from December 1, 2025, and to increase doctors’ and healthcare workers’ pay by 15% from January 1, 2026; the resources have been included in the government’s 2026 budget proposal.
J.Batjargal added that the group discussed increases in pensions and social welfare and “made an estimate of the resources to increase the 6% budget by 8.6%” which have also been reflected in the 2026 draft budget. He said the measures aim to address urgent social needs while remaining within fiscal constraints.
Kh.Gankhuyag, head of the working group tasked with finding the necessary funds, said total expenditures tied to salaries and pensions amount to MNT 1.1 trillion, and that matching the planned rises requires offsetting cuts elsewhere. He said core social funds, including the Social Insurance Fund, Social Welfare Fund, Health Insurance Fund, and performance financing for education and health institutions, as well as disaster prevention, search-and-rescue, interest on government loans, current expenses financed by foreign loans and aid, and child support will not be touched.
To generate savings, Kh.Gankhuyag said most other budget items will be reduced by 10–13%. Specific discretionary expenses, such as domestic hospitality for MPs, Cabinet Secretariat costs, and subsidies of the Minister of Culture, will be eliminated or cut. Investment spending on equipment and devices outside the health and education sectors will be reduced by 50%, and transitional investments will be trimmed by 15%, freeing MNT 150 billion.

Air India San Francisco-Delhi flight lands in Mongolia over suspected tech issue www.punjabnewsexpress.com

Air India on Monday said that its flight from San Francisco to Delhi, via Kolkata, made a precautionary landing in Mongolia, after the flight crew suspected a technical issue. 
The airline said that the incident occurred when flight AI174, on November 2, operating from San Francisco to Delhi via Kolkata, "made a precautionary landing at Ulaanbaatar, Mongolia, after the flight crew suspected a technical issue en route". 
"The aircraft landed safely at Ulaanbaatar and is undergoing the necessary checks. We are working closely with our partners to support all passengers while we make efforts to get everyone on their way to the destination at the earliest opportunity, " an Air India spokesperson said. 
Air India said it "regrets the inconvenience caused to passengers due to the unforeseen situation. At Air India, the safety of passengers and crew remains a top priority". 
Meanwhile, Air India has been granted a temporary extension of flight duty time for two-pilot Boeing 787 Dreamliner planes flying on European routes, which have become longer due to the closure of Pakistani airspace, the Directorate General of Civil Aviation (DGCA) said last week. 
The extension was based on specific operational reasons linked to planes on European routes having to undertake longer flight paths following the shutdown of Pakistan’s airspace, according to the civil aviation regulator.

China-Mongolia Railway Completes Pile Foundation Work within China www.ceic.com

On October 31, the final pile foundation of the second China-Mongolia cross-border railway bridge (section within China) was completed at the Ganqimaodu Port in Inner Mongolia. With this, all 340 pile foundations for the section have been successfully finished, laying a solid foundation for the subsequent construction of the bridge’s main structure.
The China-Mongolia cross-border railway is the second railway linking the two countries, following the Erenhot–Zamyn-Uud line that opened in 1956, nearly 70 years ago. The groundbreaking ceremony for the new railway was held at the border port on May 14 this year, and on June 15, drilling began for the first pile foundation, marking the project’s transition into the construction phase.
During construction, CHN Energy Baoshen Railway Group optimized the construction plan and adopted a 24-hour rotating shift system with full-time technical supervision to strengthen coordination and process control, ensuring the quality of pile foundation work. The section of the project within China is invested and constructed by CHN Energy, while the section within Mongolia is invested and constructed by Tavantolgoi Railway LLC. Both sides adhere to the principle of unified design, respective construction and simultaneous connection.
Once completed, the China-Mongolia cross-border railway will connect the Ganquan Railway with Mongolia’s southbound railway network, further enhancing infrastructure connectivity and economic and trade exchanges between the two countries.

Smart Parking Lots to Be Built at 50 Public Locations in Ulaanbaatar www.montsame.mn

Ulaanbaatar Development Corporation JSC is implementing a phased project to improve paid parking management at 50 public locations across the city.
According to the Governor’s Office of the Capital City of Ulaanbaatar, 23 sites have already been developed into parking lots. Since 2023, NTB LLC has been managing the parking system upgrade. The new lots feature electric vehicle charging stations and automated payment systems, allowing citizens to connect to a unified platform and reserve parking spaces in advance, saving time.
Executive Director of Ulaanbaatar Development Corporation JSC, Sandagsuren Jigjidsuren, said, “This initiative aims to reduce road congestion and promote the use of electric vehicles. The first parking lots have been completed at locations such as the KH Apartment and the Central Sports Palace. Due to the onset of winter, work has been temporarily paused and will resume next spring.”

Germany Commits EUR 43.1 Million to Support Mongolia’s Strategic Reform Agenda www.montsame.mn

The Government of the Federal Republic of Germany has committed EUR 43.1 million in support of the Action Program set forth by the Government of Mongolia. The announcement was made during intergovernmental negotiations on development cooperation, held on October 30, 2025, in Ulaanbaatar.
According to Mongolia’s Ministry of Economic and Development, priority areas of cooperation between Mongolia and Germany include biodiversity, nature protection, education, employment, climate, and energy.
State Secretary Batkhuu Idesh co-chaired the negotiations on behalf of Mongolia. The German delegation was represented by Helmut Rudolf Kulitz, Ambassador Extraordinary and Plenipotentiary of Germany to Mongolia, and Yiannis Neophytou, Head of Division for East and Central Asia at the Federal Ministry for Economic Cooperation and Development (BMZ).
A key outcome of the negotiations was the mutual commitment to elevate development cooperation, in line with the recent upgrade of Mongolia-Germany relations to a strategic partnership.
The Mongolian delegation included representatives from the Ministry of Economy and Development, the Ministry of Foreign Affairs, the Ministry of Justice and Internal Affairs, the Ministry of Finance, the Ministry of Education, and 17 officials from the Ministry of Environment and Climate Change.
The German delegation comprised 14 representatives from the Federal Ministry for Economic Cooperation and Development (BMZ), the German Agency for International Cooperation (GIZ), the KfW Development Bank, and the Federal Institute for Geosciences and Natural Resources (BGR).
Germany reaffirmed its support for Mongolia’s economic diversification policy and reiterated its commitment to advancing the country’s long and medium-term developmental strategies. Both parties agreed to expand the application of Germany’s new financing instruments and investment mechanisms in Mongolia, while also enhancing bilateral cooperation in business and the private sector.

ADB to Support Mongolia in Expanding Solar Power and Grid Stability through Landmark Solar and Battery Storage Project www.gogo.mn

The Asian Development Bank (ADB) has been engaged by the Government of Mongolia to provide transaction advisory services for the Stable Solar Energy in Mongolia Project, which aims to develop about 115 megawatts (MW) of solar photovoltaic capacity and 65 MW / 237 megawatt-hours (MWh) of battery energy storage systems (BESS) across the country’s Western and Eastern Energy Systems.
This will be one of Mongolia’s largest renewable energy procurements and the country’s first solar and BESS auction. The project is designed to enhance grid reliability, reduce dependence on fossil fuels and imported electricity, and deliver clean, affordable energy to remote regions.
“ADB is proud to support Mongolia in advancing its clean energy transition through innovative renewable energy and storage solutions,” said ADB Country Director for Mongolia Shannon Cowlin. “This project will help strengthen energy security, enable greater integration of renewables, and lay the foundation for larger investments in solar and BESS in the years ahead.”
The project will improve the stability of two isolated grid systems by using battery storage for peak shifting, frequency regulation, and grid balancing—enabling more solar power to be integrated into the network. It will be tendered through a transparent, competitive process to attract private sector investment and support Mongolia’s renewable energy and climate goals.
This initiative is a collaboration between ADB and the Ministry of Energy of Mongolia. It supports Mongolia’s State Policy on Energy (2015–2030), New Recovery Policy, and the government’s long-term strategies for carbon reduction and energy security.
ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.

Mongolia Tops Standard Chess Rankings at 19th Asian Schools Championship www.montsame.mn

The Mongolian Chess Federation hosted the 19th Asian Schools Chess Championship for the first time from October 25 to November 1, 2025.
The tournament features 677 chess players from 16 countries competing for a total of 432 medals across three formats – Standard, Blitz, and Rapid.
Mongolia’s young talents made an impressive start by clinching 14 medals in the Rapid category on the first day of the competition.
In the standard format, which concluded on October 31, Mongolia dominated the team standings with a commanding total of 14 medals – three gold, three silver, and eight bronze:
Gold medals were claimed by Tselmuun Ider (G11), Tselmeg Myagmar (G13), and Batbaatar Baatar (B13), each earning the distinction of having the Mongolian national anthem played in their honor.  
Silver medals were awarded to Buyankhishig Batpelden (G15), Enkhrii Enkh-Amgalan (G17), and Aldar Burentegsh (B17), each delivering a competent performance in their respective division.
Bronze medals were earned by Bayanlkham Uurtsaikh (G07), Buyankhishig Bat-Erdene (B07), Tselmeg Ider (G09), Batbileg Boldbaatar (B09), Tulga Lkhagvademchig (B11), Enkhriikhen Nyamdorj (G13), Oyungerel Sharavdorj (G15), and Emujin Enkh-Amgalan (G17), highlighting Mongolia’s strong young players in every age group.
Mongolia topped the overall team standings, followed by the Russian Federation in second place and the Republic of Kazakhstan in third.

Seoul's influencer fair "Seoul Con" will be exported to Mongolia www.mk.co.kr

On the 3rd, the Seoul Economic Promotion Agency announced on the 31st that it signed a memorandum of understanding (MOU) with Mongolia's UG group to co-host "Seoul Con in Ulaanbaatar" in the first half of next year.
Through this agreement, UG Group agreed to pay royalties to the Seoul Economic Promotion Agency for the use of the name "Seoul Con." In addition, the two organizations actively utilized their capabilities and resources to highlight successful collaboration. Seoul Con's entry into Mongolia was first discussed through a forum on economic cooperation with Mongolia during the second Seoul Con program last year, and after months of negotiations, the Seoul Con in Ulaanbaatar was confirmed to co-host.
Mongolia UG Group is a comprehensive business group consisting of seven key affiliates and operates various industries such as convention, hotel, finance, construction, and automobiles. In particular, Seoul Con was very active in attracting Mongolia, as it suggested expanding cooperation with Korean institutions and companies as a key management strategy.
Meanwhile, Seoul Con, which marks its third anniversary this year, is the world's largest global influencer fair with creators, fandom, and industries. An official from the Seoul Economic Promotion Agency said, "The confirmation of the Mongolia event will be a meaningful step toward further strengthening Seoul Con's international status and expanding Seoul's creative ecosystem to the world."
The "2025 Seoul Con" will be held at Dongdaemun Design Plaza (DDP) in Seoul from the 29th of next month to January 1st of next year.