XACBANK WILL COOPERATE WITH THE INTERNATIONAL FINANCE CORPORATION TO SUPPORT WOMEN ENTREPRENEURS
In order to improve the quality of services provided to women owned small and medium enterprises and increase the financing available to them, XacBank, the leader in the banking and finance sector, yesterday signed an advisory services agreement with the International Finance Corporation, a member of World Bank Group. Thus, XacBank becomes the 2nd partner bank of the IFC “Women Entrepreneurs” program in the South East Asia and Pacific regions.
There is substantial participation by women in more than a half of Mongolia’s commercial entities and women entrepreneurs still stress that the biggest problem they face is access to financial services to develop or expand their business.
The main objective of the IFC “Women Entrepreneurs” program is to provide the financing needed by women entrepreneurs, by improving the internal institutional capacity of commercial banks to provide better financial and business advisory services to women entrepreneurs.
At the signing ceremony, D. Bat-Ochir, CEO of XacBank, noted in his remarks about the significance of the cooperation, that “For further development and growth, it is vital that XacBank re-assess its strategy. We are happy to cooperate with the IFC to implement the new steps that will increase our competitiveness.
The IFC will provide support to XacBank to increase its loan outreach by developing a strategy that will focus on the search for new opportunities to provide small and medium enterprise financing targeted at women clients and by improving the bank’s risk management.
Mr. Hyun Chan Cho, Manager in charge of China, Mongolia and Korea of the IFC, said that “Women’s role is quite large in Mongolia’s economic growth and development. By cooperating with XacBank, we will be able to support women entrepreneurs and meet their financial needs.”
The IFC Women Entrepreneurs program, with the objective of providing about USD 200 million for 10 thousand SMEs with women owners by June 2017, was launched in East Asia last year and the Rizal Commercial Banking Corporation of Philippines became the first partner bank.
