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GCF GEFF Regional-Mongolia - XacLeasing



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

02 Jun 2020



PSD disclosed:

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."

Project Description

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 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

The 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, 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


  • 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 and 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
+976 7011-2061
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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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