On the second week of COP17, the European Investment Bank (EIB) and the Government of Mongolia on August 24 signed a Letter of Intent opening the way to up to EUR 200 million in financing to support the country's forestry and conservation sector.

The document was signed by Sandag-Ochir Tsend, Minister of Environment and Climate Change, on behalf of the Government of Mongolia, and by Gelsomina Vigliotti, Vice-President of the EIB. Prime Minister Uchral Nyam-Osor and Ina Marčiulionytė, EU Ambassador to Mongolia, were among the senior officials in attendance.

Under the Letter of Intent, Mongolia aims to build a financing package of up to EUR 200 million in partnership with the EIB to support sustainable forestry. Of that total, up to EUR 20 million would come as grant funding from the European Union for technical and professional support, while up to EUR 100 million would be raised through concessional EIB lending, with additional resources mobilized from other sources.

The financing is intended to protect forests, restore degraded land, develop local businesses, create jobs, and improve livelihoods. The EIB is the European Union's lending arm—jointly owned by the EU's 27 member states—and one of the world's largest multilateral development banks.

A second partnership was also launched. Minister Sandag-Ochir signed a joint statement on the "Sustainable Economy and Integrated Land Management" program together with Guangzhe Chen, Vice-President of the World Bank Group. It opens the way to up to USD 100 million in blended financing to support sustainable land use, conservation, climate resilience, and local economic development.

Speaking at the event, Prime Minister Uchral said, "For thousands of years, Mongolians have lived in harmony with nature, our lives and culture inseparable from our land, forests, water, and pastures. Preserving that heritage and passing it on to future generations—while linking the protection and restoration of nature to real investment, economic opportunity, and tangible benefits for people's lives—is one of our most important tasks today. It lies at the very heart of the government's 'Chuluulye' [Liberate] initiative.

"Investment in nature must open new economic opportunities, create jobs, and deliver real benefits for local development and people's livelihoods. The two partnerships we are launching today are an important step in turning that goal into reality. This is only the beginning of a much larger effort, and it is distinctive in being built within the framework of the Steppe Action Agenda—the lasting policy legacy of COP17. We want to move beyond setting fine goals: to turn commitments into action, goals into investment, and investment into results that reach ordinary people. This is an investment in Mongolia's future."

Published Date:2026-08-25