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15 Years of Impact
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
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!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
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!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
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Global Standards Proportionality Working Group (GSPWG)
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Inclusive Green Finance Working Group (IGFWG)
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!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
15 Years of Impact
15 Years of Impact
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
15 Years of Impact
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Maya Declaration
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Accords
Impact Stories
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Key Policy Areas
Key Policy Areas
Digital Financial Services
Data
Consumer Empowerment
Financial Inclusion Strategy
Inclusive Green Finance
Global Standards Proportionality
SME Finance
Global Standards Proportionality Working Group (GSPWG)
Working Groups
Working Groups
Consumer Empowerment and Market Conduct Working Group (CEMCWG)
Digital Financial Services Working Group (DFSWG)
Inclusive Green Finance Working Group (IGFWG)
Financial Inclusion Data and Impact Working Group (FIDIWG)
SME Finance Working Group (SMEFWG)
Financial Inclusion Strategy Peer Learning Group (FISPLG)
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Regional Initiatives
Regional Initiatives
African Financial Inclusion Policy Initiative (AfPI)
Eastern Europe & Central Asia Policy Initiative (ECAPI)
Financial Inclusion Initiative for Latin American and the Caribbean (FILAC)
Pacific Islands Regional Initiative (PIRI)
South Asia Region Financial Inclusion Initiative (SARFII)
Arab Region Financial Inclusion Policy Initiative (ARFIPI)
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Training & Development
Training & Development
AFI Educate online courses
AFI Engage
Certified Expert in Financial Inclusion Policy
Training & Development
AFI Educate online courses
AFI Engage
Certified Expert in Financial Inclusion Policy
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
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News

Mongolia helps bring Nepal’s Inclusive Green Finance ambitions to life

The Financial Regulatory Commission of Mongolia (FRC) and Nepal Rastra Bank (NRB) held an AFI-led inclusive green finance (IGF) peer learning exercise from 26-28 September in Ulaanbaatar, where Nepalese delegates learned from Mongolia’s experience in implementing IGF.

The event was aimed at supporting NRB in developing and implementing a green taxonomy – a system used to define investment sustainability – a milestone Mongolia achieved in 2019. FRC Chairman, Bayarsaikhan Dembereldash welcomed the NRB delegation and stressed the importance of IGF peer learning to mitigate global changing climate:

 

“Knowledge sharing among financial regulators is critical to advancing inclusive green finance and building the sustainable ecosystems needed to support climate resilience worldwide. We cannot do this alone. Moving faster than climate change means moving together.” 

 

The Bank of Mongolia talked through its green policy initiatives and regulatory prospects for the banking sector, with input from the Mongolia Sustainable Finance Association. The country’s Financial Regulatory Commission offered regulatory solutions for greening the sector, including Non-Bank Financial Institutions (NBFIs), the insurance sector, and capital markets. The Nepalese delegation also visited two commercial banks and one NBFI – a chance to witness the country’s private sector’s green policy adoptions in practice.

Mongolia has made great strides in sustainable finance, with a national coordination mechanism and regulatory guidelines in place. It was one of the first countries to issue a green finance taxonomy in 2019. In June this year, the Financial Stability Council (FSC) – composed of the FRC, the Bank of Mongolia, the Ministry of Finance, and the country’s Deposit Insurance Corporation – approved The Taxonomy for SDG Financing – an expanded version of the 2019 taxonomy which includes vital sectors like health and education. In 2022, the FSC also published a simplified Environmental and Social Risk Management Guideline to promote responsible financing of NBFIs and micro, small and medium enterprises.

“Peer learning is critical to AFI’s goal of expanding IGF knowledge and policy development”, explained AFI’s IGF Policy Specialist, Jeanette Moling. “This event gives Nepalese regulators the chance to learn from Mongolia’s challenges and achievements in green taxonomy development.” NRB is currently in the process of developing its green finance taxonomy with the support of AFI’s in-country implementation program. It is set to be finalized by the end of 2023.