In 2025, the private sector of Mongolia was able to attract significant funds from the international market, namely $2.6 billion, which resulted from 40 successful transactions involving 19 companies from various fields. This information was presented in the Mongolia DealBook 2025 report released by CMM — Capital Markets Mongolia.
?Breakthrough Year
The DealBook report was developed to answer key questions for international investors: who exactly attracted capital, who became the investors, for what purpose the funds were raised, and how the transactions were organized.
?️Key Facts:
40 completed transactions
Total capital raised: $2.6 billion
19 Mongolian companies received funding from abroad
??40 Transactions from 19 Companies
Out of the 40 transactions concluded last year, 32 were related to sustainable financing projects, including small and medium enterprises with a total volume of $1.8 billion. Of this, $1.4 billion was obtained through loan operations, and $1.1 billion through bond issuance. The remaining $21 million, which accounts for 1%, was from equity.
?Key investors: The European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO) accounted for 34.6% of the total financing volume. EBRD provided $346 million across 7 transactions, while FMO invested $537 million through 5 transactions.
Sector Analysis
In the banking sector, 7 banks attracted about $2.05 billion, confirming their leading role in attracting international capital due to improved sovereign credit ratings and access to the market.
Non-bank financial institutions (NBFIs) managed to attract $108 million, indicating high investor interest in specialized financial platforms.
The mining sector was also active, with a bond issuance of $350 million by the Mongolian Mining Corporation.
Other sectors, such as fintech, agriculture, and conglomerates, collectively attracted $39 million, indicating an initial but growing diversification of the economy.
?Dominance of the Banking Sector
In 2025, seven commercial banks, including M Bank and Bogd Bank, collectively attracted $2 billion from international sources. KHAN Bank emerged as the leader with primary and co-financed loans amounting to $515 million, followed by Trade Development Bank with $460 million.
Conclusion… In 2025, Mongolia improved its credit rating to BB- (according to S&P) and B1 (according to Moody's), which positively influenced the attraction of foreign investors. It is expected that soon Mongolian companies will be able to conduct international IPOs, which may attract many investors. ?
