Mongolia has been an IFC member since 1991. IFC is making a contribution to private sector development by developing robust financial institutions and through technical assistance. IFC pursues projects in key economic sectors such as mining, oil and gas, power, infrastructure, and telecommunications.
IFC has provided loans and technical assistance to support XacBank, a microfinance institution that received a banking licence in 2002. More recently, IFC has took an equity stake in Trade and Development Bank, or TDBank, which finances Mongolia's key industries such as mining, animal related raw material processing and production, petroleum imports, energy, and transportation. IFC has also supported the revitalization of Agbank through an equity investment. Agbank is counted as one of the leading local banks, with a main strength and competitive advantage lying in its 377 branches blanketing the country. It offers access to credit in even the most remote areas.
Through technical assistance, IFC helps small and medium enterprises, expansion of telecom services through Mobicom, and the development of a leasing industry.
