Chairman of the State Great Hural (Parliament), D. Amarbayasgalan, received the draft law on ratifying amendments to the Agreement Establishing the European Bank for Reconstruction and Development (EBRD) from Minister of Finance, B. Javkhlan. The draft law, consisting of two articles, outlines the acceptance and ratification of the amendments to the agreement and specifies the effective date of the law.

Minister B. Javkhlan conveyed that the amendments were approved by the EBRD Board of Governors on May 18, 2023. The changes involve modifications to Articles 1 and 12.1 of the agreement. Specifically, the amendments expand the EBRD’s operations, which previously covered Central and Eastern Europe, the eastern and southern Mediterranean region, and Mongolia, to include countries in sub-Saharan Africa. Additionally, measures to safeguard the bank’s financial stability were introduced.

Mongolia became the 61st member of the EBRD on July 26, 2000, after the State Great Hural ratified the original agreement. In compliance with Article 8.1 of the Law on International Treaties, the proposed amendments will be submitted to the State Great Hural for consideration and approval.