GCF GEFF Regional-Mongolia - XacLeasing

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The provision of a senior loan to XacLeasing LLC of up to US$ 4 million, of which up to US$ 3 million to be provided by the EBRD and up to US$ 1 million by the Green Climate Fund ("GCF") under the GCF - Green Economy Financing Facility ("GEFF") Regional Framework (the "Framework").

Project ID 51706

Status Complete

Location

Mongolia

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Tamir Gankhuyag
info@xacleasing.mn
+976 7011-2061
www.xacleasing.mn/
XacLeasing LLC XacLeasing Tower, 5th Floor 1st Khoroo Baga Toiruu, Chingeltei District Ulaanbaatar 15170

Project ID 51706

Status Complete

Location

Mongolia

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

02 Jun 2020

Disclosure date

11 Jun 2020

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

GCF GEFF Regional-Mongolia - XacLeasing (Mongolian) (PDF, 0.39MB)

Project description

Project objectives

The proceeds of the loan will be used for financing investments in climate change mitigation and adaptation technologies by local businesses, in line with the standards and reporting requirements for GEFF in Mongolia. 100 per cent of the loan proceeds will be related to Green Economy Transition investments.

Transition impact

ETI Score:65

project will support the Green TI quality by facilitating accelerated market penetration of climate technologies, particularly focusing on promotion of applicable climate change mitigation and adaptation technologies for leasing finance. This will promote the transition to an environmentally sustainable, low-carbon and climate-resilient economy in Mongolia.

Client information

XACLEASING LLC

XacLeasing LLC, established in 2007, is the 2nd largest financial leasing company operating in Mongolia and an existing client of the EBRD since 2013.

EBRD Finance Summary

USD 3,000,000.00

US$ 3 million (available in US$ or in MNT equivalent) financed by the EBRD.

Total project cost

USD 4,000,000.00

The total project cost is US$ 4 million

Additionality

The provision of long term local currency financing for climate change mitigation and adaptation investments, especially at a time when funding conditions are expected to deteriorate in Mongolia, induced by COVID-19 related capital withdrawals from riskier emerging markets.
XacLeasing and its clients will benefit from technical support and technology selector to achieve higher standards

Environmental & Social Summary

Categorised FI. XacLeasing is an existing client of the Bank whose E&S performance was satisfactory. For this new transaction XacLeasing will need to comply with the EBRD's Performance Requirements 2, 4 and 9 and submit annual environmental and social reports to the Bank.

Technical Cooperation and Grant Financing

The Loan is expected to benefit from the Technical Assistance package implemented under the Framework and US$ 1 million of concessional financing provided by the GCF.

Company Contact Information

Tamir Gankhuyag
info@xacleasing.mn
+976 7011-2061
www.xacleasing.mn/
XacLeasing LLC XacLeasing Tower, 5th Floor 1st Khoroo Baga Toiruu, Chingeltei District Ulaanbaatar 15170

PSD last updated

11 Jun 2020

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

Our story

How we invest in changing lives

What we offer for businesses

Search

GCF GEFF Regional-Mongolia - XacLeasing

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)