MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan $20m to Khan Bank of Mongolia to Support Small and Medium-Sized Businesses

International Finance Corporation (IFC), a member of the World Bank Group, recently announced it will loan USD 20 million to Khan Bank LLC of Mongolia to help strengthen its capital position and increase lending to small and medium-sized enterprises (SMEs). The seven-year subordinated loan will allow the bank to offer up to 14,000 new loans to SMEs through the end of 2015. Khan Bank reports that it serves about 80 percent of all Mongolian households and that most of its borrowers are women. Mr Hyun-Chan Cho, IFC's Country Manager for China and Mongolia, said, “A strong banking system is essential to support the country's economy and Khan Bank is becoming a role model for reform in Mongolia's banking system.” He added, “IFC's continued partnership with Khan Bank will help provide access to... Continue reading here. Contact MicroCapital to receive a complete sample issue of the MicroCapital Monitor, the monthly microfinance newspaper.