The proposed project is intended to support the Company's expansion plan by financing construction of two hypermarkets in Ulaanbaatar.
The Bank’s finance will support the development of the Mongolian retail sector with improved access for the consumer to an efficient, competitive, affordable and hygienic shopping environment. The project also supports improvements in corporate governance and transparency as well as improved operational efficiency in a successful Mongolian company.
The Monkhangai Group, owner of the Minii Delguur supermarkets in Mongolia, the leader in the retail business in Mongolia.
Equity investment of up to USD 9 million for up to 30% of share capital of the company.
USD 9 million.
The project is screened C/1 and is likely to result in minimal adverse environmental impacts. A review of the company’s approach to environmental, occupational health and safety and labour management is currently being undertaken. If, upon completion of due diligence, it is deemed necessary an Environmental Action Plan will be agreed with the company to bring their operations into line with national and EU standards for environment and health and safety. This section will be updated upon completion of due diligence.
Technical cooperation funds, arranged by the Bank, were provided for a study of the Mongolian retail sector and to help the client defining the development plan consistent with the requirements and limitations of the Mongolian food retail environment. Further funds may be sought from the Mongolian Medium and Small Enterprise Framework funded through the Mongolia Cooperation Fund to support the implementation of the project.
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