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- EBRD lending up to US$ 80 million (€68 million) to Mongolia’s XacBank
- Financing will support youth entrepreneurship
- Project is supported by risk cover provided by the European Union through Global Gateway
The European Bank for Reconstruction and Development (EBRD) is continuing to create growth opportunities for micro, small and medium-sized enterprises (MSMEs) in Mongolia by organising a financing facility to leading Mongolian lender XacBank.
The EBRD’s loan of up to US$ 80 million (€68 million) will be extended under the EBRD’s Youth in Business (YiB) programme in Central Asia and Mongolia, targeting MSMEs that are led or owned by individuals under the age of 35.
This project is supported by a guarantee of up to €3.45 million from the European Union (EU) under the Global Gateway – its external investment strategy for sustainable development. The loan will be complemented by advisory support and practical training for MSMEs to strengthen their operations, with a focus on innovative digital solutions and financial management. This advisory component is also supported by the EU.
According to official data, more than 60 per cent of Mongolia’s population is aged 35 or under. This young generation represents a dynamic, technically and digitally skilled workforce that will need new job opportunities in the coming years. Creating these opportunities is one of the EBRD’s strategic priorities.
The EBRD has invested more than US$ 3 billion (€2.6 billion) in Mongolia’s economy through 166 projects to date. Around 90 per cent of this funding has been used to support private-sector companies.
