IFC, a member of the World Bank Group, the Association of Banks in Cambodia
(ABC), and the Mongolian Bankers' Association (MBA), have signed a memorandum
of understanding (MoU) to jointly develop and promote an environmental and
social risk-management system and sustainable finance principles for Cambodian
IFC, through SBN, will facilitate the information exchange and knowledge
sharing, providing practical guidance and support. Both ABC and MBA are members
of the IFC-supported Sustainable Banking Network (SBN).
Founded in 2012 by IFC and ten countries, SBN is a unique, pioneering
initiative that is changing the global landscape of green finance through
knowledge sharing and capacity building for banking regulators and banking associations
in 31 countries representing 85 percent of emerging market-banking assets. IFC
convened the network and provided technical support, supported members in
policy development, and facilitated a series of cross border learning exchanges
among members across regions, contributing to replication of practical
knowledge and cooperation.
The Mongolian Bankers Association, supported by IFC and FMO, the Dutch
development bank, started to develop the Mongolian Sustainable Finance
Principles in 2013. To date, all 13 Mongolian commercial banks have adopted
sustainable finance policies, along with the relevant procedures and
risk-assessment tools. They have appointed dedicated staff for sustainable
finance and the Mongolian Sustainable Finance Principles have become the key
component of the Mongolian Government's Green Development Policy.
'Over the past years, Mongolia has made some great progress to transform its
domestic financial systems to support national goals on climate change and
sustainable growth,' said Mr. Unenbat Jigjid, CEO of Mongolian Bankers
Association. 'We'd like to promote cross border cooperation and share our best
practices to other emerging markets and SBN members, like Cambodia.'
The Association of Banks in Cambodia has played an active and vital role in
promoting dialog and cooperation among its 53 members at national and regional
levels to strengthen the capacity and address the challenges faced by
sustainable finance in the country.
great to see Mongolian banks sharing their successful journey in sustainable
finance with Cambodian peers and other SBN members,' said Tuyen D. Nguyen, IFC
Resident Representative in Mongolia. 'IFC is strongly committed to continue
supporting sustainable finance through our global expertise and local knowledge.
With IFC's support, the Sustainable Banking Network connects 31 member
countries around the world to share experience and good practices in developing
national sustainable-finance frameworks.'