News by country: Mongolia

International Investment Bank upgraded to A- by Fitch Ratings Agency

International Investment Bank upgraded to A- by Fitch Ratings Agency

On September 8, 2020, Fitch Ratings upgraded IIB’s rating to A- from BBB+ “reflecting the ongoing diversification of the bank’s operations across the EU following the relocation of its’ headquarters to Budapest”. Fitch positively assesses IIB’ s overall Europeanisation strategy expressed in particular in a shift in the bank’s lending operations and shareholder structure, focusing on a larger share of lending in the region and an increased share of EU shareholders in the Bank. As the…  Read more
IIB grants a loan to Steppe Metal Powder LLC in support of a high-tech, metal powder plant to be constructed in Mongolia

IIB grants a loan to Steppe Metal Powder LLC in support of a high-tech, metal powder plant to be constructed in Mongolia

International Investment Bank and Steppe Metal Powder LLC (SMP) from Mongolia have concluded a loan agreement for the amount of 8 million euros for a period of 6 years. The first tranche of the loan was transferred on June 5, 2020. The funds allocated by the Bank will be used for the construction and installation of a modern high-tech plant that will produce copper and copper (bronze, copper and brass) alloy powders in Mongolia. Introducing the most advanced British and German technologies…  Read more
Virtual format and tangible results:  first online IIB Board of Directors meeting takes place

Virtual format and tangible results: first online IIB Board of Directors meeting takes place

On June 5, 2020, the 6th meeting of the Board of Directors of International Investment Bank took place. The delegations of IIB member states discussed preliminary results of the Banks' activities since the beginning of this year and took a number of important decisions. For the first time in its history, the meeting was held in an online format. IIB’s successfully integrated modern custom-made IT system ensured effective and full-fledged remote interaction of all its governing bodies, as well…  Read more
IIB makes another important contribution to the sustainable development of Mongolia’s key sector of economy: a loan provided to the leading national cashmere producer – GOBI JSC

IIB makes another important contribution to the sustainable development of Mongolia’s key sector of economy: a loan provided to the leading national cashmere producer – GOBI JSC

International Investment Bank and the largest cashmere producer of Mongolia - GOBI JSC, have concluded a loan agreement for the amount of 30 million euros for a period of 7 years. According to the provisions of the agreement, GOBI intends to direct these funds to the development of its current activities and to ensure the supply continuity of high-quality raw materials from local herders for the production of world famous Mongolian cashmere. Mongolia accounted for 48% of the world raw…  Read more
Another contribution to the IIB paid-in capital: member states support the Bank in global crisis

Another contribution to the IIB paid-in capital: member states support the Bank in global crisis

On April 7, 2020, within the framework of the new capitalization programme approved by the IIB member states in the amount of up to 200 million euros, the Russian Federation transferred 10.64 million euros as a contribution to the paid-up capital of the Bank, bringing its total value to 370.25 million euros. Thus, Russia has become the first IIB shareholder to fully fulfil its obligations for the new round of capitalization due in 2020. Since the relocation of the IIB headquarters to Europe in…  Read more