Mongolia needs a significant amount of financial resources to meet its nationalized Sustainable Development Goals (SDGs), and the financing gap has further widened due to the impact of the COVID-19 pandemic. Among the systemic changes needed to address this gap, integrating sustainable financing principles to the Development Bank of Mongolia (DBM) operation is a vital component as the bank is an instrumental force for driving the country’s development.
This report aims to take stock and inform the development of the DBM strategic plan and support the integration of the SDGs into DBM’s operation and sustainability reporting. This includes recommendations, policy and procedure drafts, risk assessment tools, questionnaires, and roadmap.
This assessment report forms part of the UN Joint Programme “Rolling out an Integrated Approach to SDG Financing in Mongolia”. The Joint Programme intends to contribute to improved alignment of financial resources with the national development policies, building capacity of key stakeholders for the implementation of SDGs and their financing strategies, and the formulation of an integrated national financing framework (INFF).
The formulation of an INFF in Mongolia plays a significant role in shifting the weight of the overall financing landscape towards sustainability. INFFs play a critical role in optimizing public and private finance along with the DBM to facilitate the achievement of the SDGs.
This report is divided into three sections. The first section of the report provides an institutional background of DBM and its overall operation. The second section provides a brief overview of the shift to sustainability in finance and consideration of how various development finance institutions are mainstreaming and acting on sustainability principles. The third section takes stock of the developments regarding sustainability at the DBM to date before identifying key priorities for the way forward.