KhanLex advised Asian Development Bank on its US$ 30 million loan to XacBank LLC.
The loan will support expansion of XacBank’s financing to micro, small, and medium-sized enterprises in Mongolia, focusing on those owned by women and located outside Ulaanbaatar.
XacBank is one of the largest commercial banks in Mongolia and a market leader of MSME financing solutions.
“ADB is providing long-term stable financial support for XacBank, which will help it to mitigate funding risks and focus on expanding their MSME business, in turn enabling these businesses to create new jobs” said ADB Country Director Mr. Pavit Ramachandran.
“We are pleased to assist ADB yet with another successful completion of financing of a Mongolian commercial bank – we assisted ADB to finance another commercial bank in Mongolia in the past.” said Enkhbat Batsukh, Partner, who led the KhanLex team on this deal. “This transaction advice further strengthens our market-leading experience in banking and finance in general and MDB/IFI transactions in particular in Mongolia.”
Amendments to Banking Act of Mongolia seek to introduce important reforms to both the banking sector and the securities market
On January 29, 2021, the Parliament of Mongolia approved amendments to the 2010 Banking Act