EBRD signs first Mongolia project, microfinance loan
Thursday, September 14, 2006
The European Bank for Reconstruction and Development (EBRD) signed its first project in Mongolia on Wednesday, a $5 million loan to XacBank, which specialises in microfinance.
The funds will be lent on to small and micro-businesses throughout the country.
XacBank, licensed four and a half years ago, offers loans ranging in size from $27 to $150,000, according to its Web site (www.xacbank.org).
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