Ulaanbaatar
SMEs rendered financial and technical supports
Society
Ulaanbaatar/MONTSAME/ The Board of Directors of the EBRD Project ‘Building Effective Business Membership Organizations’ held a meeting on March 1 at the Ministry of Food, Agriculture and Light Industry (MFALI).
The meeting was attended by representatives of the European Union (EU), European Bank for Reconstruction and Development (EBRD), MFALI and small and medium-sized enterprises.
At the meeting, the report of actions in 2017 and plan of 2018 were discussed. Moreover, the sides exchanged views on opportunities to cooperate in implementing national programs ‘Cashmere’ and ‘Industrialization 21:100’.
Moreover, it was reported that risk-sharing financial service is being co-implemented with two partnering commercial banks and one non-banking financial institution. The EU and EBRD announced to continue its project by expanding a scope of business advocacy to domestic companies.
Irina Kravchenko, head of the EBRD Office in Mongolia, said: “Last year, EBRD invested ten companies of Mongolia. A credit line for SMEs was opened together with Khan Bank, Xac Bank, Xac Leasing and Transcapital non-banking financial institutions. Moreover, a loan agreement was signed in scope of risk-sharing financial service”.
Within the scope of its Small Business Initiative, the EBRD cooperates with Mongolia since 2001 in providing financing, business advocacy and technical support. Particularly, the Project ‘Building Effective Business Membership Organizations’ is being implemented from 2016. Within the project, EBRD issues credits worth up to USD20 million with five year-term through Xac Bank and Khan Bank of Mongolia.
The meeting was attended by representatives of the European Union (EU), European Bank for Reconstruction and Development (EBRD), MFALI and small and medium-sized enterprises.
At the meeting, the report of actions in 2017 and plan of 2018 were discussed. Moreover, the sides exchanged views on opportunities to cooperate in implementing national programs ‘Cashmere’ and ‘Industrialization 21:100’.
Moreover, it was reported that risk-sharing financial service is being co-implemented with two partnering commercial banks and one non-banking financial institution. The EU and EBRD announced to continue its project by expanding a scope of business advocacy to domestic companies.
Irina Kravchenko, head of the EBRD Office in Mongolia, said: “Last year, EBRD invested ten companies of Mongolia. A credit line for SMEs was opened together with Khan Bank, Xac Bank, Xac Leasing and Transcapital non-banking financial institutions. Moreover, a loan agreement was signed in scope of risk-sharing financial service”.
Within the scope of its Small Business Initiative, the EBRD cooperates with Mongolia since 2001 in providing financing, business advocacy and technical support. Particularly, the Project ‘Building Effective Business Membership Organizations’ is being implemented from 2016. Within the project, EBRD issues credits worth up to USD20 million with five year-term through Xac Bank and Khan Bank of Mongolia.
M.Unurzul
