“According to the CMM report — Capital Markets Mongolia titled Mongolia DealBook 2025, the private sector of Mongolia managed to attract $2.6 billion from international investors in 2025,” reports MiddleAsianNews.
🤑Breakthrough Year
In 2025, 40 deals were successfully completed, in which 19 Mongolian companies attracted $2.6 billion from foreign investors, covering various sectors and types of financing.
The DealBook report was developed to answer key questions of interest to global investors:
Who was involved in capital raising? Who acted as investors? Why was capital needed? How were the deals organized?
🗝️Key Highlights:
40 deals completed
Total capital raised amounted to $2.6 billion
Funding received by 19 Mongolian companies
🤝🏻Deals and Companies
In 2025, 19 domestic companies concluded 40 deals, of which 32 deals were related to sustainable financing for small and medium enterprises amounting to $1.8 billion. In total, $1.4 billion of financing came from loan operations, while $1.1 billion came from bond operations. The remaining $21 million (1%) was raised through equity.
💰Major investors: The European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO) accounted for 34.6% of the total capital raised. EBRD allocated $346 million across 7 deals, while FMO invested $537 million in 5 deals.
Sector Analysis
Banking Sector: 7 banks attracted about $2.05 billion, confirming their leading role in international capital due to an improved sovereign credit rating and better access to financial resources.
Non-Bank Financial Institutions (NBFIs): 8 NBFIs raised $108 million, indicating growing investor interest in specialized financial platforms.
Mining Sector: The Mongolian Mining Corporation issued bonds worth $350 million on the international market.
Other sectors, such as fintech, agriculture, and conglomerates, collectively attracted $39 million, indicating an early stage of economic diversification.
💵Impact of the Banking System
In 2025, seven commercial banks, including M Bank and Bogd Bank, managed to attract $2 billion from international sources. KHAN Bank became the leader with a loan volume of $515 million, followed by Trade Development Bank (Худалдаа хөгжлийн банк — TDB) with $460 million.
Conclusions… The improvement of Mongolia's credit rating to BB- (S&P) and B1 (Moody's) in 2025 contributed to attracting foreign investors. It is hoped that soon Mongolian companies will conduct international IPOs, which would be good news for many investors. 🚀
