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|Business sector:||Natural resources|
|Board date:||30 Sept 2008|
|PSD disclosed:||19 Aug 2008|
The project supports the development of a medium sized domestic petrol retailer, funding the construction of new depot stores and gas filling stations in Mongolia.
The transition impact of the transaction will be twofold:
Support of private sector development and increased competition
Through the proposed financing, the Bank will contribute to support MT in establishing itself as a successful domestically-grown company, able to plan its operation over the medium term and compete successfully in the domestic market.
Demonstration Effect of Higher Standards
The proposed transaction will improve standards in various areas:
(a) Higher environmental and safety standards. Through the proposed investment in the upgrade of storage depots and petrol stations, the environmental and safety standards of the Company are expected to improve significantly and set new standards in Mongolia. This will be achieved through implementation of an agreed environmental and social action plan.
(b) Improved business and corporate governance practices. It will improve transparency and corporate governance standards. Moreover it will introduce an MIS for the Company.
Magnai Trade LLC, a medium-sized Mongolian Company specialised in importing and distributing petroleum products throughout Mongolia.
Debt and equity financing of up to USD 35 Million.
USD 35 Million.
The project was screened B/1. Environmental investigations including an independent environmental, health and safety audit and a site visit by the Bank’s Environmental Specialist confirmed, that whilst there are a number of outstanding environmental, health and safety issues that need to be addressed, overall the Company's operations are in compliance with national requirements and there are few if any significant issues. All of the outstanding issues are contained in an environmental and social action plan (ESAP). Issues addressed included environmental management and monitoring, air emissions, hazardous materials storage, waste management; health and safety, fire and franchise management.
Donors have provided EUR 90K for the project preparation through the Mongolia Cooperation Fund.
Magnai Trade Co. Ltd.
Ikh Toiruu 14, MT Building
PO Box 336, Mongolia
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Last updated 23 April 2010