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.
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.
|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|
- Financial Institutions
- Signing date
- Total FMO financing
- USD 6.00 MLN
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)