50084 - Golomt Climate and SME Loan

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Summary of Investment Information

Project Number

50084

Company Name

GOLOMT BANK JSC

Date SPI Disclosed

Nov 13, 2024

Country

Mongolia

Region

East Asia and the Pacific

Projected Board Date

Dec 13, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 25, 2025

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Aug 7, 2025
Signed : Sep 24, 2025
Invested : Dec 23, 2025

Sector

Commercial Banking - General

Project Description

The proposed investment entails a 3-year senior debt facility to Golomt Bank JSC (the Bank or Golomt Bank) of up to US$150 million, which comprises (a) IFC’s A Loan of up to US$100 million; and (b) up to US$50 million to be mobilized through B1/Parallel Loans from other investors. IFC’s A Loan will be committed in multiple tranches.

At least 60% of the proceeds of the financing package is targeted to finance eligible green assets (including blue assets), and no less than 25% of the total proceeds will be used to finance eligible blue assets. The rest of the proceeds will be used to support the Bank’s loans to small and medium enterprises (SMEs) including women-owned SMEs (W-SMEs). At least 30% of the loan proceeds will be used to finance W-SMEs (the Project).

Associated Advisory Engagement

The proposed investment will be complemented by IFC advisory services to provide the capacity building to the Bank to improve Golomt Bank’s SME lending capacity and potentially the corporate governance and blue finance practices.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	150.0
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Syndications	Labeled: Green;Blue;Social-Loans/Bonds
Syndications	Loans to Woman-Owned SMEs
Syndications	Loans to SME Borrowers
Syndications	Labeled: Green;Blue;Social-Loans/Bonds
Syndications	Loans to Woman-Owned SMEs
Syndications	Loans to SME Borrowers
Syndications	Labeled: Green;Blue;Social-Loans/Bonds
Syndications	Loans to Woman-Owned SMEs
Syndications	Loans to SME Borrowers
Syndications	Labeled: Green;Blue;Social-Loans/Bonds
Syndications	Loans to Woman-Owned SMEs
Syndications	Loans to SME Borrowers
Straight Senior Loan	Labeled: Green;Blue;Social-Loans/Bonds
Straight Senior Loan	Loans to Woman-Owned SMEs
Straight Senior Loan	Loans to SME Borrowers
Straight Senior Loan	Labeled: Green;Blue;Social-Loans/Bonds
Straight Senior Loan	Loans to Woman-Owned SMEs
Straight Senior Loan	Loans to SME Borrowers
Syndications	Labeled: Green;Blue;Social-Loans/Bonds
Syndications	Loans to Woman-Owned SMEs
Syndications	Loans to SME Borrowers
Syndications	Labeled: Green;Blue;Social-Loans/Bonds
Syndications	Loans to Woman-Owned SMEs
Syndications	Loans to SME Borrowers
Syndications	Labeled: Green;Blue;Social-Loans/Bonds
Syndications	Loans to Woman-Owned SMEs
Syndications	Loans to SME Borrowers
Straight Senior Loan	Labeled: Green;Blue;Social-Loans/Bonds
Straight Senior Loan	Loans to Woman-Owned SMEs
Straight Senior Loan	Loans to SME Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Project-Level Outcome: Improved access to green finance, blue finance and finance to SMEs, including W-SME: IFC anticipates that the Project will enable Golomt Bank to increase its commitment to sustainable development by i) expanding its lending through sustainable loan products, including supporting green buildings and energy efficiency projects; and ii) pioneering the development and growth of the blue finance in Mongolia through funding eligible water supply and sanitation projects. Furthermore, IFC anticipates that the Project will enable Golomt Bank to expand lending to SMEs, including W- SMEs. Market-Level Outcome: Sustainability: Via innovation, demonstration replication and capacity building channels, the Project is expected to promote sustainability by helping develop the blue finance market amongst emerging market countries in Asia. In addition, the Project will support the development of the climate finance market by channeling funding to underserved segments in Mongolia.

1) Financial Additionality a) Financing Structure: The proposed investment will provide mid-term funding to Golomt Bank to help it better manage the asset and liability mismatch risk and to help the Bank grow its green/blue and SME asset class. b) Resource Mobilization: IFC, through this syndicated senior loan financing package, aims to mobilize funds from international lenders to help diversify the funding sources and structures of Golomt Bank. 2) Non-Financial Additionality: Knowledge, Innovation, and Capacity Building: Following IFC’s successful track record in blue financing globally, the Project will support the Bank in enhancing its blue financing business by building internal capacity and establishing impact metrics. The proposed investment will be complemented by IFC advisory services to provide the capacity building to the Bank to improve Golomt Bank’s SME lending capacity and potentially the corporate governance and blue financing practices.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Board Composition Total (#)	number	Not Available	Not Available	Not Available
Board Composition Women (#)	number	Not Available	Not Available	Not Available
Direct Employment (#) Operations And Maintenance	individuals	Not Available	Not Available	Not Available
Female Direct Employment (#) Operations And Maintenance	individuals	Not Available	Not Available	Not Available
Number of Outstanding Loans, SMEs	loans	Not Available	Not Available	Not Available
Number of Senior Management Positions	individuals	Not Available	Not Available	Not Available
Number of Women In Senior Management	individuals	Not Available	Not Available	Not Available
Value of Outstanding Loans, Climate	US$ Mn	Not Available	Not Available	Not Available
Value of Outstanding Loans, SMEs	USDMill	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The proposed Project consists of an up to US$150 million 3-year senior debt facility to support SME loans and eligible climate loans consistent with IFC eligibility criteria. Higher E&S risk activities including those involving (a) involuntary resettlement, (b) risk of adverse impacts on indigenous peoples, (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, (d) risk of significant retrenchment or (e) significant occupational health and safety risks, will not be eligible for financing from the proceeds of the Project. Coal-related activities including coal mining, coal transportation or coal-fired power plants, as well as infrastructure services exclusively dedicated to support any of these activities, will not be supported by this Project either. The Project has been categorized as FI-2 as the activities supported by the Project are expected to be of moderate E&S risks that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures. The applicable E&S performance requirements for the Project will include IFC Exclusion List, applicable Mongolian E&S laws and regulations, and screening out higher E&S risk activities. The main E&S risks and impacts of the proposed Project, while moderate in nature as described above, may arise from the eligible climate or MSE-financing activities of Golomt Bank using the proceeds of the Project. They may include risks and impacts related to occupational health and safety, labor and working conditions, pollution management, among others. Golomt Bank will be required to implement an Environmental and Social Management System (ESMS) to assess and manage such risks at the level of asset class supported by the Project consistent with the above applicable E&S performance requirements.

IFC will periodically disclose the names, locations and sectors for Category A sub-projects that have been supported by IFC investments through financial intermediaries, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of July 1, 2020.

The proposed Project consists of a senior debt facility to Golomt Bank to support its SME and climate financing activities in line with IFC eligibility criteria. Higher E&S risk activities including those involving (a) involuntary resettlement, (b) risk of adverse impacts on indigenous peoples, (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, (d) risk of significant retrenchment or (e) significant occupational health and safety risks, will not be eligible for financing from the proceeds of the Project. Coal-related activities including coal mining, coal transportation or coal-fired power plants, as well as infrastructure services exclusively dedicated to support any of these activities, will not be supported by this Project either. The Project has been categorized as FI-2 as the activities supported by the Project are expected to be of moderate E&S risks that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures. The applicable E&S performance requirements for the Project will include IFC Exclusion List, applicable Mongolian E&S laws and regulations, and screening out higher E&S risk activities.

Golomt Bank has developed an ESMS and established proper capacity for its implementation. The ESMS includes the following key aspects: E&S policy, E&S roles and responsibilities, internal organization and competency development, E&S screening procedures and tools to identify the risks and impacts of client activities, monitoring and review of portfolio, and external communications. For this Project, Golomt Bank will enhance its ESMS by incorporating the eligibility criteria and develop a procedure for screening and managing supply chain related E&S risks. It will be required to continue to maintain proper capacity and implement the ESMS to meet the above applicable E&S performance requirements. The Project will not trigger IFC subproject disclosure requirements based on the size and nature of the Project as well as the eligibility restrictions as agreed with Golomt Bank. Golomt Bank’s labor management was found to be consistent with the requirements of IFC Performance Standard 2 on Labor and Working Conditions.

S.no	Title	Anticipated Completion Date	Status
1	Upgrade ESMS	12/23/2025	Completed
2	ESMS training	12/18/2025	Completed

Contacts

For Inquiries About the Project, Contact

Golomt Bank LLC
Galzaya Gankhuyag (Ms.)
Senior Manager, Financial Institution Department, International Banking Division
+976-88040673
galzaya@golomtbank.com
Head office of Golomt Bank, D.Sukhbaatar Square 5, P.O.Box 22, Ulaanbaatar 15160, Mongolia
https://www.golomtbank.com/en/contact-us

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