Translated version of this PSD: Mongolian
Project Description
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.
Project Objectives
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.
Transition Impact
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.
Client Information
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
USD 10,000,000.00
Total Project Cost
USD 40,000,000.00
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.
Technical Cooperation
n/a
Company Contact Information
Mr Erdenebayar Ganzorig
erdenebayar.g@xacbank.mn
+(976) 7577-1888 (+826)
+(976-11) 328701
https://www.xacbank.mn/en
International Commercial Center /ICC/ Jamiyan Gun Street-9 Post Office No.20A, P.O.Box-72
Ulaanbaatar-14210, Mongolia
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