Energy Efficient Consumption Loan Programme (GCF-SAP004)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
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 Mar 8, 2019

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
  • Green Climate Fund (GCF)
Private Actors
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

ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND

The Independent Redress Mechanism (IRM) is the independent complaint mechanism for a person or people who have been or believe they are likely to be adversely affected by a project or programme funded by the Green Climate Fund. If you submit a complaint to the IRM, it may seek to address the issues raised by facilitating a problem-solving dialogue or, if that is not possible, conducting an independent investigation into whether the GCF has complied with its environmental and social policies. The IRM is newly created and is still in the process of developing its procedures and website. More information about the IRM and how you can file a complaint is forthcoming. You can contact the IRM at irm@gcfund.org.