On June 15, around 130 Chinggis Bond funded entities promoted their products and services at the Chinggis Bond Expo held at Chinggis Square.
In his opening remarks for the expo, Prime Minister Ch.Saikhanbileg said that the Chinggis Bond is responsible for many people having jobs, companies having factories, and development of the country’s infrastructure. He said that releasing the bonds provided the opportunity for investments of 6.5 trillion MNT, and have helped create national savings.
“We made the first steps toward transferring to a savings-based economy. Mongolians made investments toward development, and advanced on a new path for developing their future,” stressed Ch.Saikhanbileg.
The Development Bank of Mongolia provides financing for development projects based on the decisions of Parliament and the Cabinet. In 2015, the nation’s banks issued 4.9 trillion MNT for around 1,700 projects and programs in the roads, infrastructure, energy, construction, and railroad sectors, and to support small and medium-sized enterprises.
Officials underlined that the public has been in favor of the Street Project, which was implemented for three years, and with the construction of thermal power plants being carried out with Chinggis Bond funding.
On June 8, Development of Bond Forum was held to discuss development projects being financed through Chinggis Bond funds, and to talk about the economic efficiency of bond funding. Government representatives at the forum said that entities have presented real results from their Chinggis Bond financed projects.
Many of the expo’s visitors said that the event showed that Mongolians can produce products equal to the quality of imported goods. Leather and cashmere products were especially popular with expo visitors.
Entities that have taken out Chinggis Bond loans said that they were happy that the state supported them in expanding their businesses. They noted that long-term loans are vital to their success. However, the majority of borrowers said that although the state has supported them with financial resources, they need to more actively support their business networks.
A representative from a company that produces uniforms said, “The Chinggis Bond helped us in expanding our business and in upgrading our equipment. We are very satisfied that we can produce our products more efficiently at a lower cost, but now we need more buyers. Even though we cooperate with several companies in supplying uniforms, it would be better if the state could also connect us to other governmental organizations to purchase our products. We would really appreciate if there was connection and cooperation between domestic companies and governmental organizations.”
The expo was jointly organized by the Cabinet, Ministry of Industry, and Development Bank of Mongolia.