Altan San Securities - Mongolia Investment - IFC announces loan for XacLeasing

IFC announces loan for XacLeasing

IFC, a member of the World Bank Group, and XacLeasing LLC have signed an investment agreement to support financial leasing services to micro, small, and medium enterprises in Mongolia. Under the agreement, IFC will provide a USD1 million, six-year loan and advisory services to XacLeasing, a company with a mandate to support MSME commercial leasing in Mongolia. “This investment from IFC will provide important support for the growth of XacLeasing and deepen our institutional capacities,” said Ms. G. Bolormaa, CEO of XacLeasing. “It is a real vote of confidence in our company.”

Equipment leasing is an effective means of providing micro, small, and medium enterprises with longer term financing. IFC is drawing on its global experience in leasing and support for MSMEs in making the investment and providing advisory services. IFC has been a partner of XacBank, the sister company of XacLeasing, for eight years. “We are pleased to make this long-term investment in XacLeasing,” said Mr. Michael Ipson, IFC Country Manager for Mongolia. “Micro, small, and medium enterprises are an engine of growth, and financing their acquisition of equipment will increase their productive capacity and create new jobs. IFC assisted in the drafting of the leasing law, and this investment is a natural follow-up to that effort.”

Source: www.news.mn

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