PROJECT

Projects

Summary of Investment Information

Project Number

41748

Company Name

XACBANK JOINT STOCK COMPANY

Date SPI Disclosed

Nov 15, 2018

Country

Mongolia

Region

East Asia and the Pacific

Projected Board Date

Jan 18, 2019

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Aug 22, 2019

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Jun 6, 2019
Signed : Jun 28, 2019
Invested : Aug 20, 2019

Sector

Commercial Banking - SME Finance

Project Description

 The proposed investment is a syndicated subordinated debt facility (the “Subdebt Facility”) to XacBank (the “Bank”), an existing partner of IFC and the fourth largest bank in Mongolia. It will include IFC’s own account exposure of up to US$10 million and mobilization of up to US$35 million. The proposed investment intends to provide the needed Tier-2 capital to strengthen the Bank’s capital structure, and to enable it to provide 3,600 to 8,000 additional loans to micro, small and medium enterprises (“MSMEs”) in the country.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation