Early Warning System

Countries

Mongolia

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Aug 5, 2025

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Ashid Capital NBFI LLC

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance
Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 2.32 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 2
Converted using 2025-08-05 exchange rate.

Project Cost (USD)

$ 2.32 million

Bank Documents

PSD Translation (Mongolian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 16, 2025

Disclosed by Bank Aug 6, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of a senior unsecured loan of up to EUR 2 million (in MNT equivalent) in favour of Ashid Capital NBFI LLC ("Simple"), a new client and one of the leading microfinance organisations in Mongolia. The loan will be granted under the FIF in two equal tranches, of which the second will be uncommitted.

Aligned with the FIF objectives, the project will provide medium-term local-currency financing to Simple for on-lending to private Mongolian MSEs, thereby helping to address the acute gaps highlighted in the Financial Sector Strategy and the Country Strategy for Mongolia. The project is expected to increase financing to local MSEs, ensure prudent lending practices and adequate portfolio quality of Simple and further strengthen ties with MCS Group (the country's largest conglomerate and the Bank's existing client), the Company's parent.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised FI (ESP 2019). Ashid Capital is a micro-financial institution and a new client of the EBRD. Eligible sub-projects will support SME finance and are likely to present low to medium environmental and social (E&S) risks. The main E&S risks relate to the client's capacity to implement its Environmental and Social Management System (ESMS), as well as labour and occupational health and safety (OHS) issues, and potential environmental and social impacts.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

A senior unsecured loan of up to EUR 2 million (in MNT equivalent). The loan will be granted under the FIF in two equal tranches, of which the second will be uncommitted.

Financial Intermediary

A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Ashid Capital NBFI LLC (Simple) (Financial Intermediary)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Ashid Capital NBFI LLC, operating under the brand name "Simple", is a private micro-finance institution ("MFI"). Established in 2020, Simple emerged as the-third largest MFI in the country, capturing a 6% market share with portfolio of USD 88.1m, total assets of USD 100.6m and equity of USD 24.8m as of YE 2024. Headquartered in Ulaanbaatar, the Company has a network of 6 branches and 107 employees.

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

Anujin Ochirbat
anujin.o@simple.mn
+976-8008 9009
simple.mn
Central Tower, 5th floor, 2 Sukhbaatar Square, SBD-8, Ulaanbaatar 14200, Mongolia

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html