EIB Global signs memorandum of understanding with Mongolia to unlock up to €1 billion for clean energy transition

• EIB Global and the government of Mongolia signed a memorandum of understanding to accelerate the country’s green transition and diversify its energy mix at the Mongolia-EU Business and Investment Forum.
• The partnership creates a pathway for major new investment, with a particular focus on clean, affordable and secure energy for people and businesses.
• The agreement strengthens cooperation under the EU Global Gateway strategy and supports Mongolia’s Vision 2050 development agenda.

The European Investment Bank’s development arm, EIB Global, has signed a memorandum of understanding with the government of Mongolia that could unlock up to €1 billion in investment for renewable energy, modern power networks, sustainable transport and other projects driving the country’s green transition. The partnership, which has the full support of the European Commission, creates a pathway for significant new investment in clean, affordable and secure energy for people and businesses.

The agreement, signed today at the first Mongolia-EU Business and Investment Forum in Ulaanbaatar, sets the stage for closer cooperation between Mongolia and EIB Global under the EU Global Gateway strategy and Mongolia’s Vision 2050. It places a particular focus on diversifying Mongolia’s energy mix and ensuring clean, affordable and secure energy, while also creating opportunities for cooperation in other Global Gateway priority areas including digital, transport, health, education and research.

EIB Vice-President Teresa Czerwińska, who oversees the Bank’s operations in Mongolia, said: “Mongolia has vast potential for renewable energy, from wind and solar to infrastructure designed for sustainability and climate resilience. By partnering under the Global Gateway framework, we can help accelerate the country’s green transition, strengthen energy security and create opportunities for communities and businesses.”

Ambassador of the European Union to Mongolia Ina Marčiulionyte added: “This memorandum of understanding deepens the strategic partnership between the European Union and Mongolia while delivering real benefits for people and communities. By combining European expertise with Mongolia’s renewable potential, we are advancing innovation, energy security and sustainable growth that create quality jobs, build essential skills, will strengthen the country’s future and its role in the region.”

Deputy Prime Minister of Mongolia Dorjkhand Togmid concluded: “Diversifying our energy mix and ensuring secure and affordable power for households and firms is a national priority. The partnership with EIB Global and the European Union – unlocking up to €1 billion – will help Mongolia harness its renewable potential, support private sector development, modernise our power systems, and create jobs in the green economy. This cooperation is a milestone in our journey towards a sustainable and resilient future, and a key step in Mongolia’s clean energy transition.”

Under the memorandum of understanding, EIB Global will work with Mongolian authorities and partners to identify and prepare eligible projects in priority areas, with a particular focus on clean energy and private sector development, while also supporting collaboration across other Global Gateway and Vision Mongolia 2025 sectors. Final investment volumes will depend on the pipeline of projects developed jointly with Mongolian stakeholders, with support from the European Union. The reference to up to €1 billion in investment is indicative and does not constitute a binding financial commitment.

Background information

About EIB Global

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.

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