PROJECT

Projects

Summary of Investment Information

Project Number

32179

Company Name

XACBANK JOINT STOCK COMPANY

Date SPI Disclosed

Apr 17, 2012

Country

Mongolia

Region

East Asia and the Pacific

Projected Board Date

May 18, 2012

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Nov 30, 2016

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Jun 11, 2012
Signed : Jun 26, 2012
Invested : Dec 27, 2012

Sector

Commercial Banking - Microfinance and Small Business

Project Description

The Project is to extend an 8-year subordinated loan of US$30 million to XacBank (the “Bank”) to help the Bank strengthen its tier-II capital and enable it to achieve its loan growth targets over the next five years. XacBank was established in October 2001 and has been an existing IFC client since 2002. The Bank seeks to aggressively grow its SME lending business over the next five years, and is thus in need of additional capital to make this possible.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation