Ulaanbaatar – The Kenya Bankers Association (KBA) and the Mongolian Bankers Association (MBA), members of the International Finance Corporation (IFC)-supported Sustainable Banking Network (SBN), signed a Memorandum of Understanding (MOU) to advance environmental and social risk management and sustainable financing practices for the Kenyan and Mongolian banking sector. The signing ceremony took place during the sustainable finance related learning visit of the MBA representatives to Nairobi, facilitated and supported by the Dutch development bank (FMO) and IFC.
Mongolia and Kenya have both launched national voluntary principles on sustainable finance. Knowledge sharing topics, under the MOU, include capacity development, regular updates, directives, policy documents and toolkits, as well as reporting, monitoring and evaluation of sustainable finance performance. MBA and KBA will also exchange information and knowledge on green finance related subjects that are being actively pursued by both associations. The Kenya-Mongolia cross border exchange is an example of peer knowledge exchange and learning visits conducted by SBN members.