Born in Mongolia’s capital city of Ulaanbaatar, Itgel Bold, BS Finance ’08, moved to the United States in eighth grade so that his father could complete his master’s degree in New York City. A year later, his family moved to Washington, D.C.
“I didn’t know much English at the time, so it was a very new beginning, new setting,” he says. “I had to adjust and settle in in a relatively short amount of time.” Years later he would return to his native country, with experience and sharpened skills, to support energy, water supply, and other issues critical in Mongolia. “I was able to develop and hone my hard skills, my analytical skills at GMU, and then I was able to apply that knowledge,” he says. “Without GMU and the level of quality of education that I received, I don’t think I would be where I am today.”
Boao Forum for Asia. Photo provided.
Recently adopting a free market economy, Mongolia is seeking to advance via partnerships and collaborations with private entities and countries. As part of the Millennium Challenge Corporation’s USD 350 million investment, the Mongolia Water Compact, co-financed by the government of Mongolia, aims to increase water supply for the rapidly growing city of 1.6 million. Since the beginning of 2024, Bold has been the director of finance for this account. “By this initiative, the freshwater supply of Ulaanbaatar will actually increase by 80%, and we are also utilizing recycled water to supply the needs of the thermal power plants in the city,” he says. The team expects the project to be completed by the deadline of March 2026.
Also based in Ulaanbaatar, NovaTerra is an investment, project management, and financial advisory firm that helps companies gain access to capital from foreign investors on energy transition projects. Bold is a shareholder and has advised the firm. “At the moment, NovaTerra is involved with assisting the city of Ulaanbaatar to build a large scale 50-megawatt battery storage facility,” he says. “That will be very crucial in meeting the energy needs of the city because during the peak times of wintertime, Mongolia actually needs to import electricity from Russia.”
In his spare time, Bold, like many Mongolians, enjoys spending time outside playing and watching sports. “We have a lot of basketball, soccer, and traditional wrestling,” he says. “During the summertime, people go out in the countryside and watch horseracing and wrestling as well as archery competitions.”
Another vibrant part of the culture is folk art, especially paintings. In fact, the largest painting in the world, Nadmid Sergelen’s One Day of the World, is from Mongolia and promoted by Bold at various exhibitions. The masterpiece, which took over 20 years to complete, stands at 8 feet tall and 69 feet long and offers a unique perspective on various cultures and human experiences that make up the world, celebrating the diversity and uniqueness of 193 countries.
Before he was ready to take on these ambitious roles, Bold was a finance student at the Costello College of Business. “When I was at GMU, it was exciting times,” he says. “We went to the Final Four, and we had the first Black president in Obama and the country’s first female vice-presidential candidate in Sarah Palin.” George Mason’s proximity to Washington, D.C., gave him a front row seat to many political and cultural events that were shaping the country. The campus location, along with the quality of the faculty and staff, is what led Bold to choose George Mason in the first place. “It was a no-brainer,” he says.
Even though he is now on the other side of the planet, Bold remains close to his alma mater by serving as director-at-large on the Costello College of Business Alumni Chapter. “I want to give back to the students in any way I can by sharing my insights and knowledge as well as building networks and friendships,” he says. He’s also eager to build connections between George Mason and some of the reputable universities in Mongolia.
Itgel Bold is executing a purpose and passion driven mission to help his country grow and thrive in partnership with his second home country. His connections to the United States are invaluable and so is the education he received at the Costello College of Business. He is excited to see his projects continue to progress as he builds bridges between the two countries.