Draft amendment to law on DBM submitted

Ulaanbaatar /MONTSAME/ Minister of Finance B.Bolor submitted Tuesday to the Speaker Z.Enkhbold a draft amendment to the law on the Development Bank of Mongolia (DBM). The amendment of law reflects some necessary regulations in augmenting the bank’s joint stock capital and a possibility of selling extra shares of the bank to private institutions under a decision of the shareholders in special cases. Moreover, the amendment added a clause on rights and liabilities of the Board of Directors in order to upgrade the banking governance. The draft initiator believes that the amendment will make the circumstance better to implement mega-projects in the strategic sectors of Mongolia such as mining, infrastructure and industry and will contribute to minimizing the poverty rate by ensuring the national economic growth and providing people with job places and sustainable income sources. The DBM law was adopted in 2011, creating a legal landscape for the bank’s actions.