(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 15. The European Investment Bank's development arm, EIB Global, has signed a memorandum of understanding with the Government of Mongolia to strengthen cooperation on renewable energy, sustainable transport, and modern power networks, potentially unlocking up to 1 billion euros in green investment, Trend reports.

The agreement, endorsed by the European Commission, was signed during the first Mongolia-EU Business and Investment Forum in Ulaanbaatar. It aims to accelerate Mongolia's green transition under the EU's Global Gateway strategy and Mongolia's Vision 2050, focusing on diversifying the country's energy mix and improving access to clean, affordable, and secure energy.

EIB Vice-President Teresa Czerwińska said Mongolia has“vast potential for renewable energy, from wind and solar to infrastructure designed for sustainability and climate resilience,” adding that the partnership would help“strengthen energy security and create opportunities for communities and businesses.”

EU Ambassador Ina Marčiulionyte highlighted that the agreement “deepens the strategic partnership between the EU and Mongolia” and supports sustainable growth through innovation and job creation.

Mongolia's Deputy Prime Minister Dorjkhand Togmid said the partnership marks“a milestone in our journey towards a sustainable and resilient future,” noting that cooperation with EIB Global and the EU will help modernize power systems and promote private sector development.

Under the memorandum, EIB Global will work with Mongolian authorities to identify and prepare eligible projects, particularly in clean energy and private sector development, while exploring cooperation in other Global Gateway priority areas such as digitalization, health, and education.

The reference to up to 1 billion euros in potential investment is indicative and not a binding financial commitment.

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