India Exim Bank and Mongolia`s Golomt Bank sign agreement to strengthen India-Mongolia trade
Export-Import Bank of India (India Exim Bank) has signed an Issuing Bank Agreement with Golomt Bank, Mongolia, under India Exim Bank’s Trade Assistance Programme (TAP), for supporting trade transactions. The agreement was signed on May 5, 2026, in Samarkand, Uzbekistan by Mr. Tarun Sharma, Deputy Managing Director, India Exim Bank, and Mr. A. Odonbaatar, Chief Executive Officer, Golomt Bank on the sidelines of the Asian Development Bank (ADB) Annual Meetings at Samarkand, Uzbekistan.
India Exim Bank, through its global network of offices and wide range of financial, advisory and capacity building activities, has strived to play a catalytic role, as a key player, in promoting India’s international trade and investment relations with partner countries, while contributing to the internationalisation endeavours of Indian businesses.
Under TAP, India Exim Bank provides credit enhancement to trade instruments, thereby augmenting the capacity of commercial banks/financial institutions to undertake cross-border trade transactions involving markets where trade lines are constrained, or where the potential has not been harnessed.
During the signing of the agreement, Mr. Sharma highlighted that over the last few months, India Exim Bank has supported multiple trade transactions with several countries in Asia, Africa, Latin America, among others under TAP, covering a wide range of sectors including agriculture, automotive parts, capital and engineering goods, food, iron & steel, textiles, among others. With the increasing diversification of India’s global trade towards developing countries, African countries have emerged as significant trade partners for India. As per Government of India sources India’s total trade with Mongolia stood at around USD 36.9 million in FY 2026. The conclusion of MRPA with Golomt Bank, opens opportunities to facilitate incremental trade between India and Mongolia. Such support towards trade facilitation would complement and strengthen the growing economic engagement between India and Mongolia.
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