📋 Tender Overview
Project Number: 46718
Company Name: M BANK CLOSED JOINT STOCK COMPANY
Date SPI Disclosed: Jan 26, 2024
Country: Mongolia
Region: East Asia and the Pacific
Projected Board Date: Mar 5, 2024
Environmental Category: FI-2
Status: Pending Approval
Department: Regional Industry - FIG Asia & Pac
Industry: Financial Institutions
Sector: Commercial Banking - General
Project Description
The proposed investment consists of a 3-year US$30 million syndicated senior loan facility to MBank Closed JSC (MBank, or the Bank), comprised of (i) an up to US$16 million A Loan, (ii) an up to US$8 million syndicated loan, and iii) a Trust Loan of up to US$6 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program (MCPP). The US$30 million facility will be committed in two tranches on a pro-rata basis between A Loan and syndicated loans.
The Project aims to support the Bank’s MSMEs portfolio, with at least 25% of the loan proceeds expected to support women-owned SMEs.
Total Project Cost and amount and nature of IFC's Investment: The proposed investment entails an investment of up to US$30 million syndicated senior loan facility for which IFC’s own account is to the tune of US$16 million and up to US$14 million syndicated loans to MBank. Alongside the financing package, IFC will provide advisory services to enhance MBank’s SME strategy, as well as design supply chain finance products.
Financing Sources:
2) World Bank (WB)
1818 H Street, NW Washington,
DC 20433 USA
Tel : (202) 473-1000
https://www.worldbank.org/
