XacBank and Gateway Development Mongolia Agrees to Joint Effort to Promote Energy Efficient Housing in Mongolia
XacBank’s First Deputy CEO, Mr. Soronzonbold, and Gateway Development Mongolia CEO, Adam Saffer signs an agreement today to collaborate on providing affordable, energy efficient housing to the Ger districts of Ulaanbaatar and beyond. XacBank, a leading provider of mortgage and related loans, has been engaged in the energy efficiency sector since 2009, while Gateway Development Mongolia (GDM), with its North American ThermoBlock® product, is bringing ‘better, faster, cheaper’ housing and infrastructure-related technologies to Mongolia.
Reducing emissions and air pollution in Ulaanbaatar has become a priority for the current government, as Ulaanbaatar has recently been ranked as one of the most polluted capital city, according to the World Bank. The main contributor to this problem is the coal stoves used in the Ger Districts of the city. Therefore, by building energy efficient homes, with a robust structure and thermal insulation, ger residents are expected to burn 50-80% less coal. In addition to the reduced emission value, the resultant cost savings of burning less coal will financially help the residents’ livelihood in many ways.
The two firms are committed to high quality affordable housing and will also consider extending GDM’s ThermoBlock® building technology outside the Ger districts of Ulaanbaatar. Moreover, XacBank is aiming to provide mortgage that are specially designed to accommodate the needs of the first time home buyers, by continuously working to understand their financial needs and constraints.
As stated by Ms. Oyungerel, Head of Mortgage Banking Division at XacBank, “We are delighted to be working in partnership with GDM to support the modernization of our infrastructure and construction industries, whilst offering a tried and tested solution to the capital’s increasing pollution problem”
