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Overview: about the EBRDWho we are
Overview: about the EBRD
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Overview: how the EBRD operates
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Light
Eng
Eng
- EBRD has organised syndicated loan of up to US$ 147 million for Mongolia’s XacBank
- Up to US$ 40 million to be provided by EBRD
- Funds will support businesses owned or led by young entrepreneurs
The European Bank for Reconstruction and Development (EBRD) is creating new growth opportunities for businesses owned or led by young entrepreneurs in Mongolia by organising a syndicated loan to leading Mongolian lender XacBank, a long-term partner of the EBRD.
The A/B loan for up to US$ 147 million (€135 million) is being provided under the EBRD’s Youth in Business programme in Central Asia. This is the EBRD’s largest transaction with a Mongolian bank to date.
It will consist of an A loan of up to US$ 40 million (€37 million) for the EBRD’s account and a B loan of up to US$ 107 million (€98 million) to be syndicated to: Allianz Global Investors, the Dutch entrepreneurial development bank (FMO), the Amsterdam-based ILX Fund a SDG-focused global development finance asset manager, AKA Bank of Germany and a German pioneer in impact investments and microfinance (Invest in Visions). The funds will be channelled to support micro, small and medium-sized enterprises (MSMEs) led or owned by individuals under the age of 35.
The project will allow young entrepreneurs to develop and grow their businesses and improve their entrepreneurial skills through training, advisory services and networking opportunities offered through the EBRD’s Advice for Small Businesses programme.
A recent market assessment by the EBRD showed that almost 26 per cent of Mongolia’s population is aged 18-34, and while many of these young people have a strong entrepreneurial mindset, inequalities around economic opportunities mean only around 10 per cent are able to access the training and professional expertise they need to develop a business.
The project is supported by grant funding provided by the EU, Japan, and Taipei China.
The EBRD has invested over €2.64 billion in Mongolia’s economy through 152 projects. Almost 90 per cent of these funds have been used to support private-sector companies.