What is sustainable development? Sustainable development means meeting the needs
of the present without limiting the needs of the future

Signs of sustainable development In addition to economic development, the efficient use of natural resources and the focus on health and social issues are signs of sustainable development.

Golomt Bank on September 22, 2019 in New York, USA, became one of the Founding Signatories of the Principles for Responsible Banking, committing to align strategically its business with the Sustainable Development Goals and the Paris Agreement on Climate Change.

Golomt Bank, by signing the Principles for Responsible Banking, joins a coalition of 130 banks worldwide, representing over USD 47 trillion in assets, in committing to taking on a crucial role in helping to achieve a sustainable future.

Golomt Bank is committed to advancing global and national sustainable development goals through responsible business practices.
The bank provides financing for environmentally and socially sustainable initiatives, actively supporting its clients
and the broader community in their transition to more sustainable practices.

About the Sustainable Development Committee

Golomt Bank established its Sustainable Development Committee in 2022. The committee is responsible for overseeing and managing the implementation of the Bank’s sustainable financing and development strategy. It convenes at least two times annually to address both internal and external sustainability agenda. The CEO chairs the Committee, whereas the Sustainable Finance Department works as a secretariat.

About the Gender Equality Committee

The Gender Equality Committee was established in 2021 with an objective to promote gender equality internally within employees, and externally within customers through the Bank’s products and services. The Committee is comprised of C-level Executives and chaired by the CEO.

Environmental and Social Risk Assessment in the lending activities of the Golomt Bank

Golomt Bank, in 2015, introduced Sustainable Financing Policy and environmental and social risk assessment procedures into its lending activities. Golomt Bank, in 2019, has revised its principles regarding environmental and social risk management and mitigation of environmental and social impacts in its “Credit Policy”. As a result, business loans that meet the following minimum features are required to have environmental and social (E&S) risk assessment. These include: • All loan applications included in the “Caution list” in the Sustainable Finance Principles of Mongolia • Business loan applications of high-risk sectors of E&S as outlined in the Mongolian Sustainable Finance Principles. These sectors include mining, energy, construction, agriculture, manufacturing /heavy manufacturing/, and chemicals and explosives /for use, sale and processing/ and fuel /storage, trade, production and transportation/. • Other business loan requests more than MNT 100 million or equivalent. Golomt Bank has developed a document-based assessment methodology in its updated E&S Risk Assessment, reflecting the International Finance Corporation (IFC) E&S risk management standard and Mongolian legislations and norms concerning the customer's economic sector. The Assessment is carried out in 3 stages: initial, general and detailed. In doing so, we manage the E&S risk for both the Bank and the customer by dividing the risk into five categories, ranging from low risk to high risk, depending on how the customer's activities impact the environment and society.

IFC’s green finance capacity building consulting service has been successfully completed

From September 2018 to June 2019, Golomt Bank successfully implemented a /энэ а article-ыг авах/ green finance capacity building program in cooperation with IFC. Under this program, Golomt Bank’s employees received training on green business opportunities identification, green project technical assessment and risk analysis, and energy efficiency calculations to increase their knowledge of green finance. In addition, Golomt Bank highlights the sectors in high demand for green finance as reflected in Mongolia's “Nationally Determined Contribution” and aims to support customers in the energy saving, green building, and sustainable cashmere textile sectors.

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