On 17 February 2021, the Kyrgyz Republic and Mongolia launched online South-South cooperation* on learning experience of Mongolian in attracting green finance.

Mongolia has already achieved significant results with the support of PAGE that can serve as best practice for other PAGE countries. The Government of Mongolia has recognized the challenges of transitioning to a more socially inclusive and environmentally friendly economy, and facilitated establishment of the Mongolian Green Finance Corporation (MGCC), which attracts green finance to the country. The Kyrgyz Republic has also recognized the importance of green sustainable development and enacted Green Economy Development Programme, which also contains priority actions to attract green finance to the Kyrgyz Republic.

The South-South Triangular Cooperation between the Kyrgyz Republic and Mongolia provided an opportunity to build and strengthen mutual exchange on green sustainable finance, in particular Mongolian experience in establishing the MGFC and attracting the green finance to Mongolia. Green sustainable finance is very important to the successful implementation of green economy objectives. Today, the Kyrgyz Republic is at the starting point to promote sustainable finance and experience of other countries is of cardinal importance.

This first exchange resulted in an agreement to organize a regular two-way exchange and learning within PAGE platform. There was keen interest on the side of the Kyrgyz Republic to benefit from the PAGE Mongolia experience in attracting green finance to Mongolia and formalizing the cooperation through signing a Memorandum of understanding between the involved parties.

This cooperation provided an excellent opportunity for exchanges of stakeholders directly involved in developing and implementing the policy reform for sustainable finance in the two neighboring countries

South-South and triangular cooperation – where international partners facilitate direct exchange among beneficiary countries - can go a long way to pass on knowledge and experiences between countries, enable mutual learning process and increase momentum in the action to address climate change, advance green economy and achieve the 2030 Agenda.