Standing at the forefront of this principle, Trade and Development Bank of Mongolia has already started acting on its environmental and social responsibility with good attention and has implemented several major projects.
In 2012, we partnered with Dutch Development Bank (FMO) and became the first bank in Mongolia to implement Environmental and Social Risk Management System (ESRMS) fully in our operation and brought a completely new perspective of banking into our sector. In regards to our ESRMS, we monitor the loans we finance carefully by not putting profit first when making decisions, but by carefully evaluating every loan before we make a decision and rejecting requests from clients and businesses that have negative consequences on the environment and society and thus reducing their risk. In the process of implementing this new concept, we are training all of our employees, especially our account managers, E&S monitoring officers, and bringing awareness to our customers in the hopes of cultivating new standpoint and outlook on environmental and social responsibility.
Furthermore, it is a noteworthy event that in November, 2013 the banks of Mongolia joined the Mongolia Sustainable Finance Initiative and signed MoUs which is a huge step towards the future of our country’s development. Through this partnering of commercial banks in standing up against violation of human rights, climate change, water and ground contamination, and air pollution thus reducing E&S risks, we are on our way to fulfill our vision of creating a sustainable future and development.
