EBRD and Khan Bank promote women entrepreneurship in Mongolia
Summary
The EBRD is extending a US$ 20 million loan to Khan Bank of Mongolia Up to US$ 5 million will be used to support digitalisationWomen-led businesses in Mongolia will benefit from new funds made available by the European Bank for Reconstruction and Development (EBRD) through the countrys largest commercial lender, Khan Bank.The EBRDs loan of up to US$ 20 million to Khan Bank, its client since 2007, will help promote womens entrepreneurship and business activity by assisting with access to finance and technical advice. It is expected that up to US$ 5 million of the total amount will be earmarked to support digitalisation of these businesses, as envisaged by the Banks Central Asian Women in Business Programme.As part of the project, Khan Bank will be able to develop the financial products and lending practices that these women-led micro, small and medium-sized enterprises need, including for their digitalisation. This activity is supported through grant funds provided under the Women Entrepreneurs Financing Initiative (We-Fi).Khan Bank, offering financial services to over 80 per cent of Mongolias population through a network of 545 branches, is well placed to channel much-needed funds to women-led companies, even in rural parts of Mongolia.To date, the EBRD has invested almost US$ 2.2 billion in Mongolias economy through 132 projects.