EIB Global, the development arm of the European Investment Bank, has signed a memorandum of understanding with the government of Mongolia to accelerate the country’s green transition and diversify its energy mix. The partnership, announced at the Mongolia-EU Business and Investment Forum in Ulaanbaatar, could unlock up to €1 billion in investment for renewable energy, modern power networks, sustainable transport, and other projects supporting Mongolia’s clean energy ambitions. The initiative focuses on delivering clean, affordable, and secure energy for both people and businesses.
The agreement strengthens cooperation under the EU Global Gateway strategy and aligns with Mongolia’s Vision 2050 development agenda. It also creates opportunities for collaboration in other priority sectors, including digital infrastructure, transport, health, education, and research. By combining European expertise with Mongolia’s renewable potential, the partnership aims to promote innovation, energy security, and sustainable growth while generating quality jobs and building essential skills for the country’s future.
EIB Vice-President Teresa Czerwińska highlighted Mongolia’s vast potential for renewable energy, from wind and solar, and stressed that the partnership under the Global Gateway framework would accelerate the green transition, enhance energy security, and create opportunities for communities and businesses. EU Ambassador to Mongolia Ina Marčiulionyte noted that the memorandum deepens the strategic partnership between the EU and Mongolia, delivering tangible benefits for people and communities while strengthening the country’s role in the region.
Deputy Prime Minister Dorjkhand Togmid emphasized that diversifying Mongolia’s energy mix and ensuring secure and affordable power are national priorities. The cooperation with EIB Global and the EU, potentially unlocking up to €1 billion, will help Mongolia harness renewable resources, support private sector development, modernize power systems, and create jobs in the green economy, marking a key milestone in the country’s sustainable and resilient development.
Under the memorandum, EIB Global will collaborate with Mongolian authorities and partners to identify and prepare eligible projects in priority areas, focusing on clean energy and private sector development while supporting other Global Gateway and Vision Mongolia 2050 sectors. The reference to up to €1 billion in investment is indicative and not a binding financial commitment, with final investment volumes dependent on the pipeline of projects developed jointly with Mongolian stakeholders and supported by the European Union.
