XACBANK RECEIVED FINANCING FOR USD 20 MILLION FROM OPEC FUND FOR INTERNATIONAL DEVELOPMENT
OPEC Fund for International Development (OFID), which conducts activities to reduce poverty in underdeveloped and developing countries and provides investment and other support for small and medium sized businesses, has provided financing of USD 20 Million to XacBank to support Mongolia’s small and medium business entrepreneurs.
The financing contract Signing Ceremony was held in Vienna, Austria on September 10, 2014. Mr. M. Bold, CEO, represented XacBank, and Mr. Suleiman Jei Al Herbish, Director General of OFID, signed the contract. Mr. M. Bold in his speech about the financing noted “It is an honor for our bank to be OFID’s partner in Mongolia. With this financing assistance, we will have an opportunity to provide commercial financing solutions at favorable conditions to our small, medium and corporate level clients that will meet their demands. I trust that the cooperation between our two organizations will further develop and prosper”.
Whereas Mr. Suleiman Jai Al Herbish, Director General of OFID, said about the cooperation between the two organizations “As an organization that conducts its activities towards poverty reduction, OFID focuses on the development of trade and economic growth of countries and increasing their competitiveness globally. To meet this goal, we have been working through providing financing to the large, experienced financial institutions of certain countries. This time, we are happy to cooperate with XacBank and contribute to the development of the small and medium sized business sector in Mongolia.
XacBank, the leader in providing loans to small and medium sized enterprises (SME) in the country, makes its contribution to the economic development of Mongolia by improving the competitiveness of SMEs through meeting their financial needs. XacBank, which sets a standard in the sector by its support to MSME businesses, provides comprehensive financial services using the most advanced technology in a most efficient way to serve its over 600 thousand clients through a network of 107 branches with 1700 professional staff serving over 1300 merchants and AMAR mobile banking agents nationwide.
