At the 25th Board meeting of the Green Climate Fund (GCF) held in Geneva, Switzerland between 10th to 12th of March, 2020, Trade and Development Bank of Mongolia (TDBM) was approved as an Accredited Entity of the Fund.
GCF was set up by the United Nations Framework Convention on Climate Change in 2010 by its 194 member countries. The Fund is the world’s largest dedicated fund to mobilize private capital to enhance climate change mitigation and adaptation efforts.
By becoming an accredited organization of the fund, TDB has been able to provide co-financing at a discount of up to 250 million US dollars for large-scale national projects and programs supporting sustainable and green development. As part of its ambition to enhance sustainable finance, Bank is actively engaged in executing several climate mitigation and adaptation projects and programs in collaboration with GCF and international financial institutions.
TDB launched its Sustainability Framework in April 2021, which describes the process of issuing Green, Social and Sustainability bonds (“GSS Bonds”) and selecting loans that can be financed within Eligible Categories according to the Green Taxonomy of Mongolia. TDB’s Framework addresses the four key pillars of the International Capital Market Association (ICMA) Green Bond Principles 2018, Social Bond Principles 2020 and Sustainability Bond Guidelines 2018. TDB’s Sustainability Framework describes the process of issuing Green, Social and Sustainability bonds and selecting loans that can be financed within eligible categories to fulfill Bank’s economic, environmental, and social responsibilities, as well as indicating the tracking, monitoring, reporting and disclosure processes of its net proceeds.
TDB successfully secured external funding of MNT 71.2 billion for its Green Loan Program and Women Entrepreneurship Support Program. In order to ensure the effective implementation of these programs, Bank launched various sustainable finance products and services to the market.
Date of Approval | Name of the Project or Programme | Project or Programme Location | Economic Sector | Project or Programme status |
29 October 2021 | Upscaling Sustainable and Green Finance Practices in Mongolia | Mongolia | Financial sector | Under implementation |
We ensure that Project Complaint Mechanism is incorporated into all projects or programmes financed by the Green Climate Fund (GCF). Project Complaint Mechanism aims to assess issues in detail and redress the grievances of people negatively affected by the project or programme by offering viable solutions to the issues. In its projects financed by the GCF, TDB aims to receive and resolve the complaints of citizens affected by the negative effects of the project. In case of complaints related to the project or program, it is possible to contact Bank and the project implementers through the complaint mechanism. Bank receives complaints through these following channels:
http://www.tdbm.mn/mn/suggestanket
Through letter – at the headquarters of TDB
What type of issues does TDB’s Project Complaint Mechanism handle?
Complaints by people who have been or may be negatively affected by project or programmes funded by the GCF.
How does TDB’s Project Complaint Mechanism solve your complaints?
Upon receiving your complaint, we first make sure that it belongs to Project Complaint Mechanism function of TDB and will notice you regarding the receipt of your complaint.
Within 10 business days, we assess whether your complaint is eligible and start the problem solving process. If necessary, we will contact you during this stage for more information.
We contact the project implementer and the relevant parties regarding your complaint and offer a solution to your complaint. If the complainant agrees to the solution offered, we initiate the implementation process and the officer in charge of the Project Complaint Mechanism monitors the process.
How does TDB keep your information confidential?
All efforts will be made to maintain the confidentiality of the complainant upon their request and the complainant’s identity will only be revealed to the bank’s officers in charge of the Project Complaint Mechanism and the project or programme.
If, however, the Bank believes that the complainant’s identity must be revealed in order to effectively solve the issue, the Project Complaint Mechanism will ask for the complainant’s consent.