PROJECT

Projects

Summary of Proposed Investment

Project Number

29819

Company Name

XACBANK JOINT STOCK COMPANY

Date SPI Disclosed

May 18, 2010

Country

Mongolia

Industry

Financial Markets

Projected Board Date

Jun 21, 2010

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Department

Global Industry, Financial Markets

Environmental Category

FI

Previous Events

Approved : Jun 25, 2010
Signed : Jun 30, 2010
Invested : Aug 19, 2010

Project Description

The Project is to extend a 7-year subordinated loan of $5 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 three 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 three years, and is thus in need of additional capital to make this possible.

Sponsor / Cost / Location

Development Impact