Bangkok (Thailand), 16 October 2026 – Canada’s bilateral development finance institution, FinDev Canada, announces the signing of a USD 50 million loan to Golomt Bank JSC (“Golomt Bank" or "the Bank”), the second-largest commercial bank in Mongolia.
FinDev Canada’s loan to Golomt Bank will have 30% of its use of proceeds dedicated to climate and nature action, in alignment with the MDB Common Principles for tracking climate and nature finance, and 70% dedicated to micro, small and medium-sized enterprises (MSMEs), including women-owned or led MSMEs (WMSMEs). This also represents FinDev Canada’s first-ever transaction with designated nature finance use of proceeds as part of the overall financing.
MSMEs are central to Mongolia’s economic development, contributing to approximately 70% of national employment. Golomt Bank is committed to advancing gender equality through its lending activities. This includes offering a tailored WMSME loan product with lower interest rates and flexible collateral terms. This transaction is 2X-aligned, demonstrating the Bank’s commitment to women’s economic empowerment and financial inclusion.
Additionally, Mongolia has one of the highest greenhouse gas emissions intensities globally due to its reliance on coal-based energy and its emissions-intensive agricultural practices. To support its climate transition, the country has committed to reducing emissions by over 30% by 2035, with the potential to achieve over 52% reductions with international support.
Golomt Bank will direct 30% of the loan proceeds toward climate and nature finance, increasing its climate loan portfolio to 10% of the total loan portfolio by 2030. The Bank will support energy-efficient construction as well as efforts to reduce pressures on nature, through eligible blue initiatives that enhance water efficiency or reduce water pollution, such as sustainable water and wastewater management projects, in line with the IFC Guidelines for Blue Finance.
This loan supports Canada's development and foreign policy priorities of strengthening inclusive growth, accelerating climate finance, and deepening economic partnerships in Asia-Pacific.
“This transaction reinforces FinDev Canada’s commitment to deepening financial sector capacity across emerging markets in the Asia-Pacific, deepening Canada’s long-term economic engagement in the region and supporting inclusive and sustainable economic growth. Golomt Bank’s strong presence across the corporate, export, and MSMEs segments in Mongolia also positions it well to increase access to climate and nature finance and gender-lens investments in this dynamic market,” said Lori Kerr, CEO, FinDev Canada.
“We are delighted to establish this partnership with FinDev Canada through this facility, marking our first transaction together and an important milestone in building a long-term strategic relationship. Golomt Bank has consistently demonstrated its commitment to supporting MSMEs, including women-led businesses, through a combination of financial and non-financial solutions. This collaboration will further strengthen our ability to expand that support while increasing access to financing for climate mitigation and nature-focused projects, both of which are key priorities in our sustainable finance strategy and aligned with Mongolia’s long-term development objectives,” said A. Odonbaatar, Chief Executive Officer of Golomt Bank.
About FinDev Canada
FinDev Canada is a development finance institution that invests in emerging markets to deliver development impact, financial returns, and shared economic prosperity. We provide debt, equity, blended finance, technical assistance, and advisory across infrastructure, agribusiness, and the financial industry in developing economies to support development through the private sector. Find out more about FinDev Canada at www.findevcanada.ca.
About Golomt Bank JSC
Founded in 1995, Golomt Bank is Mongolia’s second-largest commercial bank by assets, serving a diversified client base across retail, corporate, and institutional segments. The Bank provides comprehensive banking and financial services through its strong domestic franchise and growing international partnerships. Committed to sustainable growth, Golomt Bank continues to strengthen its market position, support Mongolia’s economic development, and create long-term value for its shareholders. Find out more about Golomt Bank at https://www.golomtbank.com/.
Media Contact
FinDev Canada: media@findevcanada.ca