Government of Mongolia and BlackRock Financial Markets Advisory Sign Memorandum of Understanding on State-Owned Enterprise Reform

The Government of Mongolia has signed a non-binding Memorandum of Understanding with New York-headquartered BlackRock Financial Management, Inc., through its Financial Markets Advisory Group, to enter into discussions and exchange knowledge on Mongolian state-owned enterprise reform.

Under the Government’s national “Unlock” initiative and the MoU, the parties have established a general non-binding framework for discussions regarding the possibility of advisory or other support for the setup and management of a national investment fund of Mongolia, as well as the exchange of information and knowledge on the structure and potential privatization and dual listing of Mongolian SOEs.

The MoU was officially signed by Enkhbayar Battumur, Minister of Mongolia, and representatives of BlackRock FMA.

BlackRock FMA provides industry-leading expertise in investment and asset management, risk management and technology, and has extensive experience advising official-sector clients on capital markets matters. BlackRock FMA has an extensive track record of successfully assisting national development and investment funds around the world.

Preparations for these discussions are being overseen by a dedicated working group established by a June 10, 2026 Cabinet directive. Chaired by Chief of the Cabinet Secretary B. Enkhbayar, the group includes representatives from the Ministry of Finance, the Government Agency for Policy Coordination on State Property, and the Chinggis Khaan Sovereign Wealth Fund Holding.

To facilitate discussions on the future implementation of this comprehensive reform, in line with international best practices, the working group solicited expressions of interest from 12 of the world’s leading asset management firms. The Government and BlackRock FMA have agreed to explore potential areas of collaboration, resulting in today’s MoU to facilitate knowledge sharing and establish a framework for discussions on potential advisory or other support.

The successful implementation of this initiative will not only enhance the governance and operational efficiency of state-owned enterprises, but also catalyze domestic capital market development and establish a robust new channel for long-term foreign investment in Mongolia.