FIRST MEETING OF THE CASHMERE INDUSTRY FINANCING DECISION WORKING GROUP WAS HELD

On October 25, 2021 the first meeting of the working group on “Developing proposals and conclusion to support cashmere exports and establish a sustainable financing system” was held. The working group was attended by the representatives of Bank of Mongolia, Bank association of Mongolia, International finance corporation, Trade and development Bank, Mongolian wool and cashmere association and its member companies such as Gobi, Cashmere holding and Sor cashmere.
At the meeting, the Mongolian wool and cashmere association presented “Current status and future outlook of the cashmere industry”, the International Finance Corporation presented “Mortgage loan products in the cashmere industry” since 2013 and Gobi presented “Cashmere production process”. Therefore, views were exchanged on optimizing the financing mechanism for raw material procurement in the cashmere sector.
The members of the working group agreed to work actively and exchange information and the Bank of Mongolia agreed to prepare the financing scheme by 31st December of this year.

October 25, 2021