The Government of Mongolia has signed a Memorandum of Understanding (MoU) with “BlackRock Financial Markets Advisory” (BlackRock FMA), a company within the BlackRock Group, one of the world’s largest investment management organizations, which manages USD 15.3 trillion in assets as of the second quarter of 2026.

Under the Government’s “Let’s Free” initiative and the MoU, the parties have established a general framework for discussions and information exchange on the potential offering of selected portions of shares in state-owned enterprises as investment products on domestic and international capital markets.

The MoU was signed by B. Enkhbayar, Minister of Mongolia and Chief of the Cabinet Secretariat, and Matthias Wirvold, Managing Director responsible for Sovereign Wealth Fund Advisory Services at BlackRock Financial Markets Advisory.

Transitioning state-owned enterprises toward capital market principles and making them subject to public oversight and market valuation will provide a practical mechanism for protecting the interests of minority shareholders, enhancing transparency in decision-making, and strengthening management accountability.

These initiatives are expected not only to improve the corporate governance and operational efficiency of state-owned enterprises, but also to expand the scale and range of products available in Mongolia’s capital market, increase investor participation, and create new opportunities to attract long-term foreign investment.

BlackRock Financial Markets Advisory provides advisory services to governments and financial institutions in the areas of capital markets, risk management, balance sheet management, and financial strategy. The firm has implemented more than 580 advisory projects for over 280 institutions across more than 35 countries.

MONGOLIAN STOCK EXCHANGE