Gobi signs an agreement with the International Investment Bank
Gobi JSC concluded a 7-year loan agreement worth 30 million euros with the International Investment Bank (IBB). The IBB and Gobi have had a long history of successful collaboration, beginning in 2001 with a 5 million US dollar loan for new product development and current assets of Gobi JSC.
According to the terms of the new agreement, Gobi JSC plans to use the loan to both expand the range of its current operations and increase the direct supply of highly recognized, luxurious Mongolian cashmere from herders.
As a result, funding from the IIB will not only ensure a steady supply of high-quality raw materials but will also sustainably support the nation's main agricultural sector, which accounts for a sizable portion of employment and exports. Within the parameters of the financing agreement, Gobi JSC will support ethical animal husbandry financing and sustainable development. This will entail improving herders' household and living standards, disseminating best practices, and emphasizing the importance of livestock and natural resources.
The IIB was founded by an intergovernmental agreement and is headquartered in Budapest. The international agreement was signed by all IIB member countries on July 10, 1970. Bulgaria, Hungary, Vietnam's Socialist Republic, Cuba, Mongolia, Russia, Romania, Slovakia, and the Czech Republic are among its members.
>“This loan is a model financing agreement that is perfectly in line with the International Investment Bank's mission and strategy. It will help to improve the employment and business conditions of tens of thousands of people, provide dynamic growth of enterprises that drive the economies of the International Investment Bank's member countries, expand the nation's exports, and promote Mongolia's trade and economic relations with the member countries of the International Investment Bank as well as other countries. We will continue to focus our efforts on helping with this kind of financing in the future.”
-Georgi Potapov, Vice chairman of the Loans and Investments Committee of the Board of the IIB.