Original disclosure @ EBRD website
Updated in EWS Mar 17, 2023
Disclosed by Bank Mar 6, 2023
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According to the EBRD, the project consists in the provision of a 3-year senior loan to XacBank LLC in the amount of up to US$ 25 million, of which up to US$ 18.75 million to be provided by the EBRD and up to US$ 6.25 million by GCF under the GCF - Green Economy Financing Facility (GEFF) Regional Framework. Also, XacBank will develop a transition plan as defined in the EBRD's Paris Alignment Methodology for indirect finance.
The proceeds of the loan will be used for financing investments in climate change mitigation and adaptation technologies and services in line with the standards and reporting requirements for the GCF-GEFF Regional Framework.
As stated on the EBRD's website, the total project cost is US$ 25 million, of which up to US$ 18.75 million to be provided by the EBRD and up to US$ 6.25 million by the Green Climate Fund ("GCF").
As stated by the EBRD, XacBank is the fifth largest commercial bank in Mongolia with total assets of US$ 1.1 billion, loan portfolio of US$ 581 million, and equity of US$ 138 million as of YE2022. The bank is currently rated "B3" by Moody's and "B" by Fitch, both with a stable outlook. XacBank has a universal focus and a nationwide presence in the country through 71 branches.
Financial Intermediary - XacBank LLC:
Mr Erdenebayar Ganzorig
Phone: +(976) 7577-1888 / +(976-11) 328701
Address: International Commercial Center, Jamiyan Gun Street-9, Post Office No.20A, P.O.Box-72, Ulaanbaatar-14210, Mongolia
ACCESS TO INFORMATION
You can request information by emailing: email@example.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: firstname.lastname@example.org 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