PROJECT

Projects

Summary of Proposed Investment

Project Number

25137

Company Name

XACBANK JOINT STOCK COMPANY

Date SPI Disclosed

Jan 18, 2007

Country

Mongolia

Industry

Financial Markets

Projected Board Date

Feb 20, 2007

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Department

Global Industry, Financial Markets

Environmental Category

FI

Previous Events

Approved : Jun 5, 2007
Signed : Jun 11, 2007
Invested : Jan 7, 2008

Project Description

The proposed project is to provide a 7 year $5 million new loan to XacBank in Mongolia to support its growth in microfinance and expansion into traditional commercial banking business. XacBank is an existing IFC client. In June 2002, IFC provided the bank with an 8-year loan amounting to $400,000 with 2-year grace period. From January 15, 2005, the bank began to make repayment and has kept a good repayment record.

Sponsor / Cost / Location

Development Impact