Khan Bank raises USD 24.8 million in long-term funding from int’l financial institutionsEconomy
Ulaanbaatar /MONTSAME/. Khan Bank has successfully concluded long-term financing agreements worth USD 24.8 million with the Covid-19 Emerging & Frontier Markets MSME Support Fund and BlueOrchard Microfinance Fund, investment funds managed by BlueOrchard, a leading Swiss-based impact investment management company, and German-based fund manager Frankfurt School Financial Services GmbH, just before the start of the new year.
The Bank has raised the necessary funds for supporting the long-term financing needs of its micro, small, and medium-sized enterprise (MSME) clients during these challenging economic times being faced due to the impacts of the COVID-19 pandemic.
“Obtaining these funds during such a challenging period for the wider global economy is a testament to the financial strength, stable growth, and good governance of the Bank, as well as the Bank’s long-term cooperation and trust established with these institutes” says in the press release of the Bank.
"BlueOrchard and Frankfurt School Financial Services GmbH have both provided financing to Khan Bank in the past, and mutual cooperation is further strengthened with these new financing agreements."