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EBRD signs first Mongolia project, microfinance loan
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). Continue reading ...
- Region
- Europe & Eurasia
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IFC to Help Kyrgyz Not-for-Profit Group Reach More Microentrepreneurs
The International Finance Corporation, the private sector arm of the World Bank Group, today signed an agreement to provide a $2.2 million financing package to Micro Credit Agency Bai Tushum Financial Foundation, one of Kyrgyzstan?s leading micro lending institutions. Through the package, IFC will support the transformation of Bai Tushum from its present not-for-profit status to a more sustainable, commercially-oriented, deposit-taking financial institution that can serve as a...
- Region
- Europe & Eurasia
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