XacBank has received 25 million US dollars from EBRD to support green businesses
XacBank received USD 25 million funding from the European Bank for Reconstruction and Development (EBRD) in order to support entrepreneurs and enterprises that intend to introduce energy-efficient equipment and environmentally friendly technologies into their operations.
The financing is provided by the EBRD in cooperation with the Green Climate Fund (GCF) under the Green Economy Financing Facility (GEFF). The funding consists of USD 18.75 million from EBRD and USD 6.25 million from the GCF.
The program (GEFF) aims to increase the availability of energy-efficient green technologies, which will not only allow entrepreneurs to improve their efficiency by introducing modern advanced technology, renewable energy and innovative solutions in their operations, but will also reduce greenhouse gas emissions and have a positive impact on the environment.
In 2009, XacBank established the first Eco Bank department in the banking sector, and in 2016, it became the first private sector organization to be accredited by the Green Climate Fund, not only in Mongolia, but also among developing countries. It was successfully accredited for the second time in 2022.
