Khan Bank Green Bond Investment Project (ADB-57215-001)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Mongolia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
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
Jan 30, 2024
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.
Khan Bank JSC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Agriculture and Forestry
  • Climate and Environment
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.00 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.
Loan Amount (USD)
$ 20.00 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.
Primary Source

Original disclosure @ ADB website

Updated in EWS Feb 5, 2024

Disclosed by Bank Jan 30, 2024

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 ADB, the proceeds on the green bonds will be used by Khan Bank JSC for the financing of eligible sub-projects in line with KHB's Green Bond Framework (GBF). The project will help promote (i) domestic capital markets through the first green thematic bond issue listed on the MSE, (ii) affordable green investment financing across Mongolia, and (iii) women borrowers' access to green finance.

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.

The ADB categorized the project E&S risks as follows:

Environment FI
Involuntary Resettlement FI-C
Indigenous Peoples FI-C
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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.
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.

As stated by the ADB, Khan Bank was established in 1991 and was previously known as the Agriculture Bank of Mongolia. It was owned by agricultural cooperatives, herdsmen, and farmers. It was privatized in 2003 and renamed Khan Bank in a post-Soviet effort to privatize the banking sector. Although privatized, it continues to maintain a focus on reaching the underserved in rural areas with inclusive finance as a priority in strategy and planning. Khan Bank is Mongolia’s largest bank in terms of total assets, loans, and deposits—with market shares of 23% (total assets), 23% (loans), and 26% (deposits) as of the end of December 2013. The largest shareholder of Khan Bank is Sawada Holdings Co. Ltd. (SHC), which holds 41.3%. SHC is a Japan-based holding company engaged in securities, banking, commodities, real estate, and venture capital. SHC is listed on the Osaka Stock Exchange and had total assets of $3.0 billion at the end of December 2013. Tavan Bogd Trade Co. Ltd. owns 23.0% of Khan Bank. The Tavan Bogd Group is one of the largest private conglomerates in Mongolia, with 12 affiliated companies, engaged in retail and wholesale, travel and tourism, manufacturing, and food production.

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.

ADB Team Leader:

Biao Huang - Principal Investment Specialist, ADB Private Sector Operations Department 

No contacts provided at the time of disclosure.

Financial Intermediary - Khan Bank JSC:

Address: Chinggis Avenue-6, Stadium Orgil-1, Khan-Uul District, 15 khoroo, Ulaanbaatar 17010, Mongolia


You can submit an information request for project information at:

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at:


The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at:

How it works

How it works