InvesCore NBFI JSC (FMO-65169)

Countries
  • Mongolia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
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
C
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
Jul 8, 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
InvesCore NBFI JSC
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)
$ 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 @ FMO website

Updated in EWS Aug 31, 2025

Disclosed by Bank Jul 29, 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 financing facility is a senior loan equivalent to USD 20 million in MNT, with a tenor of five years. At least ten percent (10%) of the funding will be allocated to support InvesCore's green initiatives, following the FMO Master Green List. The remaining ninety percent (90%) will be dedicated to micro sub-loans or small and medium-sized enterprise (SME) sub-loans for underserved agricultural, rural, women, or youth SMEs.

The facility promotes financial inclusion and climate action goals. Development of SMEs is critical for the diversification of Mongolia's economy, which relies heavily on the mining industry. The Green finance component will support initiatives that contribute to environmental sustainability. The facility has a 10% Green and a 90% RI label.

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 project has been categorized as E&S Category C, following FMO's Sustainability Policy. Focusing primarily on MSMEs, InvesCore maintains minimal exposures to corporates and high-risk sectors with no exposure to activities on FMO's exclusion list or transactions triggering IFC Performance Standards (PSs). InvesCore has a functioning Environmental and Social Management System (ESMS) in place.

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

A senior loan equivalent to USD 20 million in MNT, with a tenor of five years.

Funding: FMO NV

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.

InvesCore NBFI JSC, founded in 2014, is the largest non-bank financial institution (NBFI) in Mongolia, accounting for 13% of the sector's assets and loan portfolio. In 2024, it operated 16 branches and 7 business centers, serving over 82,000 clients primarily in Mongolia, with a presence in Central Asia through a network of subsidiaries. InvesCore offers a diverse range of financial products with a strong emphasis on lending to micro-, small-, and medium-sized enterprise (MSME) segments.


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.

https://invescore.mn/en

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works