USAID project REACH will work in cooperation with XacBank
XacBank and the REACH project of the U.S. Agency for International Development (USAID) and the project implementer Development Solutions NGO have agreed to work in cooperation; accordingly XacBank Chief Retail Banking Officer G. Tsevegjav, Development Solutions NGO Executive Director E. Bat-Orshikh have signed an MoU (Memorandum of Understanding).
During the signing ceremony, G. Tsevegjav Chief Retail Banking Officer of XacBank said in a statement: “Since inception XacBank has always been a great supporter of SMEs and the opportunity to work together on this project is wonderful news.”
REACH project gives the opportunity for SMEs, which have a difficult time receiving financing by providing financing capacity and to be a mediator for financing options. The project duration is between May 2016 and April 2018 and will be implemented in Ulaanbaatar city, Bayan-Olgii, Dornod, and Dundgobi provinces
Through this cooperation, XacBank and Development Solutions NGO will work towards the directions in increasing financing capacity and preparing for bank financing for SMEs. The REACH project will aim to introduce XacBank loan products, services, and to share financing information as well as organizing training for strengthening potentials, seminars, meetings, and conferences. And more importantly facilitating for SMEs in meeting bank requirements for loans and becoming the mediator for loan requests.
