European Bank for Reconstruction and Development supports Mongolian small and medium enterprises

Oyundelger 2017-12-21 03:12

Economy

The agreement for providing 40 million USD as the long-term syndication loan was signed between the European Bank for Reconstruction and Development (EBRD) and Mongolian commercial Khas Bank.

The agreement for providing 40 million USD as the long-term syndication loan was signed between the European Bank for Reconstruction and Development (EBRD) and Mongolian commercial Khas Bank. According to Khas Bank,  the long-term syndication aims to provide support for small and medium business through long-term financing and technical assistance. Nick Tesseyman, Managing Director for Financial Institution at EBRD noted that the syndication loan is hoped to increase the competitiveness of Mongolia`s economy as well as restoring the economic growth.  Khas Bank of Mongolia has been cooperating with EBRD since 2006 and is counted as the fourth largest commercial bank in the country in terms of total assets and loan packages. Executive Director Mr Boldoo added that this is the second long-term syndication loan provided by EBRD to Khas Banks. This loan will be used to support the small and medium enterprises which means this loan will be an effective push for Mongolia`s economic growth as the small and medium enterprises have large impacts on country`s economic development.