Translated version of this PSD: Mongolian
A senior loan to XacBank ("XB") for up to USD 10 million under the Financial Intermediary Framework ("FIF") for financing private micro, small and medium-sized enterprises ("MSME") in Mongolia. Subject to market conditions, the Bank will try to raise an additional amount of up to USD 30 million for the account of participants.
The operation will enable XB to continue to provide funding to MSME in Mongolia when access tofinance has deteriorated due to difficult overall market conditions.
The Project supports XacBank's lending to private MSMEs in Mongolia and focuses on maintaining XacBank's regional penetration and on attracting new MSME clients, which will ultimately promote the competitiveness and resilience of the local economy.
XAC BANK LLC
XacBank is a main provider of financial services, in particular MSME-loans, across Mongolia. It has an overall loan market share of around 10% and is by most measures Mongolia's fourth-largest bank. The bank has a universal focus and a nationwide presence through currently 86 branches.
EBRD Finance Summary
Total Project Cost
The raising of an additional amount of up to USD 30,000,000 for the account of participants will be on a best effort basis and is subject to market conditions.
Environmental and Social Summary
Categorised FI. Xacbank is an existing Client of the Bank, complies with Performance Requirements 2, 4 and 9 and has been providing satisfactory annual reports on environmental and social matters. Xacbank has an environmental and social management system in place, which is compliant with the PRs and the EBRD's Exclusion and Referral List. Xacbank will need to comply with Environmental and Social Procedures for Corporate, SME and Micro Loans and ensure an ongoing compliance with the PRs 2, 4 and 9.
Company Contact Information
Mr Erdenebayar Ganzorig
+(976) 7577-1888 (+826)
International Commercial Center /ICC/ Jamiyan Gun Street-9 Post Office No.20A, P.O.Box-72
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
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Text of the PIP
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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.