Mongolian bank, Russian wealth fund sign cooperation agreement

AKIPRESS.COM - DBM Asset Management SC LLC, a subsidiary of the Development Bank of Mongolia has established a cooperation agreement with the Direct Investment Fund (RDIF), Russia's sovereign wealth fund, Montsame reported.
On September 3, within the official visit of President of the Russian Federation Vladimir Putin to Mongolia ten bilateral documents with significant impacts on the bilateral partnership of Mongolia and Russia were signed and one of them was this agreement.
Within the framework of the agreement, a mutual investment fund in dollar and ruble currencies is to be set up for financing large scale projects, further providing impetus to the economic development of the two countries.
The RDIF was created in 2011 under the leadership of the President and Prime Minister of Russia to co-invest alongside top global investors, acting as a catalyst for direct investment in Russia. It is a major investment fund that has invested and committed for this purpose RUB1.5 trillion and attracted over USD40 billion of foreign capital into the Russian economy through long-term strategic partnerships.
The DBM Asset Management SC LLC asset management company, was established in 2017 by the Development Bank of Mongolia as a wholly owned subsidiary. The company works towards gaining the confidence of domestic and foreign investors by establishing investment funds and introducing internationally accepted asset management operations in Mongolia. With the purpose to maintain stable economic growth, increase competitiveness and finance major profitable projects, the company founded the National Strategic Investment Fund in 2018. In scope of its aims to draw in capital from international markets, the DBM Asset Management SC LLC is also working on a proposed financing of USD 75.9 million from the Asian Development Bank.