Energy Efficient Consumption Loan Programme (GCF-SAP004)

Countries
  • Mongolia
Where the impacts of the investment may be experienced.
Financial Institutions
  • Green Climate Fund (GCF)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 1, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
XacBank LLC
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant, Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 9.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Grant Amount (USD)
$ 1.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 21.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ GCF website

Updated in EWS Jul 29, 2020

Disclosed by Bank Nov 28, 2018


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Project Description

According to bank documents, one-half of Mongolia’s population lives in Ulaanbaatar, where more than 60% of residents live in the surrounding ger(peri-urban) areas, many of whom migrated to Ulaanbaatar in response to climate change-driven livelihood disruptions. Faced with extremely low winter temperatures and challenging economic conditions, these residents burn low-grade coal and rubbish in inefficient cook stoves for heating, with dire consequences for health and the environment. There is a need to improve access to affordable financing for energy efficient (EE) solutions that improve health and wellbeing without placing an undue financial burden on households.

Further, it will impact an estimated 15,278 direct beneficiaries and drive an estimated CO2 emissions reduction of 469,574 tCO2e over its 10-year lifetime, contributing to Mongolia’s 2030 targets of a 14% reduction in national GHG emissions and a 40% reduction in building heat loss.

Investment Description
Financial Intermediary
Financial Intermediary: A commercial 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.

Contact Information

Project Contact for XacBank LLC: 

Tuul Galzagd
Tel: +976 7577 1888 (ext.707)

Anand Batsukh
Telephone No.: +976 7577 1888 (ext.703)

Project Contact for Ministry of Environment and Tourism:

Mr. Batjargal Zamba
Telephone No.: +976 7000 0743

Ms. Dolgorsuren Saruul
Telephone No.: +976 7000 0753


ACCESS TO INFORMATION

Requests for project information may be submitted using the IDP Request for Information by email to: disclosure@gcfund.org.

You can also submit an information request using this online form: https://www.greenclimate.fund/about/disclosure/form.  Additionally, if information requested is denied, an appeal can be filed to the Information Appeals Panel: iap@gcfund.org.  You can learn more about the Information Appeals Panel at: https://www.greenclimate.fund/about/disclosure/appeals.

 

ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND 

The Independent Redress Mechanism (IRM) addresses complaints by people who believe they are negatively affected or may be affected by projects or programmes funded by the Green Climate Fund (GCF). The complainant can raise issues related to any of GCF’s policies and procedures, including those relating to social and environmental issues, indigenous peoples, gender, and information disclosure, among others. If you submit a complaint to the IRM, it may seek to address the issues raised by facilitating problem solving or conducting a compliance process. You can learn more about the Independent Redress Mechanism and how to file a complaint at https://irm.greenclimate.fund/.

You can access a video about the IRM (English) at: https://youtu.be/1LanbriVhfs.

A brochure about the IRM can be accessed in English, French, Spanish, Portuguese, Arabic, Mandarin, Mongolian, Vietnamese, Russian, Ukrainian, Korean, German, and Kiswahili at: https://irm.greenclimate.fund/.