April 16

World Bank Group Plans $12M Loan to Mongolia Microfinance Company

By Nguyen Thi Bich Ngoc

The World Bank’s private sector arm, International Finance Corporation, may extend a syndicated senior loan facility equal to $12 million in local currency to Mongolian microfinance company Transcapital.

The deal would be IFC’s first investment using the Mongolian tugrik and its first business with a non-banking financial institution in the country, IFC said in a statement.

With the deal, Transcapital will be able to provide more access to finance for small enterprises and underserved individuals, especially women and people living outside the capital of Ulaanbaatar, IFC said.

Photo courtesy of fsecart.

Source: Nikkei Asian Review (link opens in a new window)

financial inclusion, microfinance