XacBank became Silver Award winner of the EBRD Sustainability Award 2022
Driven by triple-bottom-line mission of “People, Planet and Prosperity” XacBank of Mongolia became Silver Award winner of the EBRD Sustainability Award 2022 in the category “Financial Institutions”. This “Silver” award was won against exceptionally strong competitors from across the EBRD’s countries of operations.
XacBank has been EBRD’s partner bank since 2006 and the first participant in the “Mongolian Sustainable Energy Financing Facility” (“MonSEFF”) in 2014 which financed renewable energy and energy efficiency solutions for business. Within the Technical Assistance component of this facility, XacBank benefited from environmental assessment capacity building and provided engineering advisory services in carbon and cost savings feasibility studies from international experts to potential clients. As a result, XacBank disbursed 14 loans under MonSEFF with a total value 6.08 million USD and a total GHG emissions reduction to-date of 244,032 tCO2eq. Overall, as a pioneer financial institution in green financing, since 2013 XacBank has disbursed a total of 315 green business loans amounting to around 45.9 million USD, generating to-date a total GHG emissions reduction of 1.6 million tCO2eq.
In addition to that XacBank’s affiliated leasing company “XacLeasing” (now merged into XacBank) was the first Mongolian Financial Institution to participate in MonSEFF’s successor program, EBRD’s “Green Energy Financing Facility Mongolia” (GEFF Mongolia). The GEFF facility allows XacBank’s clients to invest in high-performance technologies that promote climate change mitigation and adaptation benefits.
