Project detail - XACBANK LLC

XACBANK LLC

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Who is our client

Since 2007 XacBank in Mongolia is a client and partner of FMO. XacBank is one of the four large banks of the country, with strong presence in the Mongolian SME market.

Funding objective

FMO participates since 2001 in the European Bank for Reconstruction and Development (EBRD) Trade Finance Program. FMO will provide a trade finance facility to XacBank in cooperation with EBRD. Purpose of the facility is to support and promote the increasing trade finance activities.

Why we fund this project

Mongolia’s economic upturn offers more opportunities for trade finance. XacBank is an existing FMO customer with good payment track record.

Environmental and social rationale

Xac has been classified as FI-B E&S risk category. It has a current existing and well-functioning Environmental and Social Risk Management System in place based on local Mongolian legislation. Xac has a dedicated and committed E&S staff in place who continuously work on managing, monitoring and improving the ESMS.

More investments

Date Total FMO financing
12/30/2019 USD 65.00 MLN
6/28/2019 USD 10.00 MLN
1/18/2018 USD 10.00 MLN
5/31/2016 USD 5.00 MLN
5/4/2016 USD 15.00 MLN
Region
Asia
Country
Mongolia
Sector
Financial Institutions
Signing date
5/8/2018
Total FMO financing
USD 6.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B