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"MIK Holding" JSC and "Municipal Housing Corporation" JSC have signed a memorandum of understanding to collaborate on ger neighborhood redevelopment plans and investment attractions aimed at reducing air, soil, and environmental pollution in the capital city of Ulaanbaatar. The agreement was signed at the "Ulaanbaatar - International Investment and Partnership Forum 2023" event.

The memorandum outlines four main areas of cooperation. To facilitate the decentralization of Ulaanbaatar, "MIK Holding" JSC will support creating and implementing an optimal financing mechanism for developing satellite and outlying cities, new settlement areas, and new housing projects in vacated residential areas. In addition, the two companies will collaborate in developing policy documents necessary for implementing and financing environmentally friendly and energy-efficient green housing projects. These initiatives will have a significant impact on the goal of sustainable development.

During the signing of the memorandum, the CEO of "MIK Holding" JSC, B. Gantulga, stated that the Municipal Housing Corporation will be responsible for re-planning and developing the residential area according to Ulaanbaatar city's master plan, whereas "MIK Holding" will aim to support and cooperate in attracting financing sources for neighborhood redevelopment. Currently, over 50% of Ulaanbaatar's families live in ger quarters, and the company intends to address issues such as smoke and soil pollution through ger neighborhood re-planning. Drawing on its successful experience in raising $550 million from international markets over the past five years, "MIK Holding" will support financing efforts. Today, more than 180 thousand families reside in the neighborhood, comprising around 50% of all households in the capital. This presents an opportunity to construct standard green housing on this land, with a medium-term goal of accommodating 50,000-60,000 families in such homes.