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BCM Mongolia NewsWire Highlights: Meeting Recap & EBRD Financing |
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Sunday, 01 June 2008 |
 NEWS HIGHLIGHTS:
Business: EBRD Financing Zoos Bank; Western Prospector Rebuffs Khan Bid; Microsoft Signs Memorandum of Understanding with Mongolia; Rosneft Proposal for 100 Gas Stations Rejected; International Microfinance Conference in Ulaanbaatar
Economy: Mongolia is an Oil Extracting Country; Tax Exemptions for Agricultural Equipment; Taishir Hydro-Electric Power Station Progress; Coal to be Liquefied
Politics: Current Parliament Session Ends; Parliament Ratifies Strategic Deposit List; Blockage in Minerals Law Working Group; Modification of Windfall Tax on Gold Pending; 12 Political Parties and 1 Coalition Participate in 2008 Elections; Government Approaching End of Privatization Process; Land Ownership for Every Citizen; Mongolia and Russia Discuss Joint Uranium Mining
BCM MAY MEETING RECAP
It was nice to see so many of you at this month’s meeting. We had a near record turnout of 76. Our next meeting will be held Monday, June 30, at which we plan a Parliamentary election recap.
Alain Fontaine, Vice Chair of BCM opened the meeting. Alain reviewed BCM’s progress with cooperative agreements and interaction with Government ministries and agencies. He outlined BCM’s possible co-sponsorship of Euromoney’s Investors Forum in UB in September and arrangements for a technology symposium, ‘Digital Mongolia’, in October with Intel Corporation as lead sponsor and local entities as co-sponsors.
Executive Director, Jim Dwyer announced that BCM membership has reached 101 members, an increase of six members from the last meeting. A free round trip ticket on Eznis Airways was awarded to Eagle Security for becoming the 100th BCM member. Jim also urged Members to submit business news for placement by the editor of the BCM NewsWire.
H. E. Mr. Ichihashi, Ambassador of Japan to Mongolia, gave a brief update of activities and high level visits so far this year. In March, Foreign Minister, S. Oyun paid an official visit to Japan as well as Minister of Construction and Urban Development, M. Tsolmon. An agreement was signed between Mongolia and Japan regarding the support for construction of a new airport in Mongolia to be funded by soft loans from the Japanese Government totaling approximately US $300 million. The project is awaiting approval by Parliament.
Mr. Do. Ganbold, President of MNMA, gave an update on the status of the draft amendments to the Minerals Law. The first hearing was held last Friday and “the future of mining in Mongolia is still pending”, he said. This week, the MPRP was still discussing the amendments. “It may be that the current session does not make a decision”, he said.
An Election Panel was featured at the meeting. Speakers participating were: Mrs. S. Oyun, Chairperson of the Civil Will Party and Minister of Foreign Affairs; Mr. Munkh-Orgil, Mongolian Peoples Revolutionary Party and Minister of Justice; Mr. Amarjargal, Democratic Party and former Prime Minister, and Mr. G. Tsogtsaikhan, Policy Committee, Democratic Party.
Mrs. Oyun began by presenting the main objectives of her Civil Will Party’s platform. For more information you may visit their website: www.izn.mn. She noted that her party believes the Windfall Tax should be abolished completely
Mr. Munkh-Orgil, listed the MPRP’s 12 platform points. For the complete MPRP platform, please visit the BCM website, Articles/Reports on Mongolia, and www.mprp.mn.
Mr. Tsogtsaikhan of the Democratic Party mentioned that his party met with the press recently and gave a presentation of their platform for the upcoming elections. He pointed out that one of his party’s main objectives was to create jobs. For more information visit: www.demparty.mn.
BUSINESS
EBRD FINANCING ZOOS BANK
The European Bank for Reconstruction and Development (EBRD) is providing support for the development of the Mongolian financial sector by acquiring an equity stake, extending a loan for small business lending, and providing a trade finance facility to Zoos Bank, the country’s sixth largest bank.
This will strengthen the Zoos Bank’s corporate governance and international operating standards, support its growth and expansion plans, and prepare Zoos Bank for a successful listing on an international stock exchange, or a sale to a strategic investor in the future. Zoos Bank is well positioned to grow its activities in the SME and corporate markets in Mongolia and expand further into the retail segment.
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