Golomt Bank signs second multiple loan agreement with World Business Capital, Inc. and U.S. Int’l Development Finance CorpEconomy
Ulaanbaatar /MONTSAME/. On September 14, 2017, Golomt Bank signed an eight-year credit agreement with World Business Capital Inc. (WBC) under guarantee from the U.S. International Development Finance Corporation (DFC) as part of its commitment to developing SME businesses in Mongolia.
After successfully fulfilling WBC’s requirements, Golomt Bank completed a second loan agreement with WBC for a four-year term on June 30, 2021.
With this long-term facility, Golomt bank is supporting its SME clients and growing corporates that fall into the international definition of SMEs. The loan facility is primarily oriented toward promoting SMEs operating in the agribusiness sector and environmentally friendly projects.
This agreement is a milestone for Golomt Bank expanding its U.S. partnerships and aligning its goal with the mandate of international institutions like DFC and WBC to support business growth, job creation, and overall development of the emerging market through long-term financing solutions.
World Business Capital, Inc. (WBC) is a commercial finance company based in Hartford, Connecticut, the USA, that offers flexible term loans helping small and midsize businesses compete in the global marketplace. Founded in 2003, WBC is a direct lender with many years of experience in cross-border trade and project finance and has a proven track record in emerging markets worldwide, with a focus on lending in Latin America, Asia, Eastern Europe, and Africa.
U.S. International Development Finance Corporation (DFC) is the U.S. Government’s developing finance institution that helps American businesses invest in emerging markets. DFC was established in 2019 through the passage of the BUILD, or Better Utilization of Investments Leading to Development, Act which strengthened and modernized American development finance. The BUILD Act combined the Overseas Private Investment Corporation (OPIC) capabilities and the Development Credit Authority, which had previously been housed in the U.S. Agency for International Development (USAID).
DFC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. DFC helps American businesses gain footholds in new markets, catalyzes new revenues, and contributes to jobs and growth opportunities both at home and abroad. DFC fulfills its mission by providing businesses with financing, political risk insurance, advocacy, and partnering with private equity investment fund managers.