ULAN BATOR, Aug. 29 (Xinhua) -- The Bank of Mongolia and the German Savings Banks Foundation in Mongolia (Deutsche Sparkassenstiftung Mongolei) have signed a memorandum of understanding (MoU) to cooperate in strengthening the banking sector's adaptive capacity for climate change, the Bank of Mongolia said Friday.
The agreement was signed by Atarbaatar Enkhjin, the head of the reserve management and financial markets department of the Bank of Mongolia, and Markus Loch, Sparkassenstiftung Mongolia's country representative, during a ceremony in Ulan Bator, the capital of Mongolia.
According to the MoU, the two sides will strengthen Mongolia's financial sector for climate change adaptation and localize the funding model to support financing for the construction sector in Mongolia.
Mongolia's central bank has been conducting stable cooperation with the German Savings Banks Foundation in Mongolia since 2018. ■