South Korea’s state-run Korea Development Bank said Wednesday that it has signed a contract with the Development Bank of Mongolia to manage DBM for four years.
Under the deal inked in Ulan Bator Tuesday, KDB will build an overall business operating system for DBM and take charge of its development financing business. The contract could be extended if necessary, KDB added.
DBM, 100 percent owned by the Mongolian government, was established in May in a bid to help bolster the development of resources, infrastructure and a manufacturing base in the landlocked country.
KDB said the management contract will likely help South Korean companies take active roles in resource exploration projects in Mongolia.
In 2009, South Korea was Mongolia’s fourth-largest export destination. Mongolia’s economy grew 6.1 percent last year while its government is targeting an annual growth of 15 percent in the next 4-5 years.
(Yonhap News)
