Khan Bank to back sustainable energy in Mongolia with EBRD loan

Mongolia-based Khan Bank has secured a loan of up to USD 5 million (EUR 4.5m) from the European Bank for Reconstruction and Development (EBRD) to promote sustainable energy and renewables in Mongolia.

The funds will be allocated to finance the development of sustainable energy projects and technologies in Mongolia’s industrial sector, EBRD said on Tuesday. The extended proceeds will cover the total cost of the project.

EBRD noted that the collaboration with Khan Bank will enable the Mongolian bank to strengthen its competences for evaluating renewable energy investments. It is also seen to improve the awareness on the benefits of energy and resource efficiency among businesses and households.

Beneficiaries of the project will have to meet certain eligibility criteria for obtaining financing from the EBRD funds and comply with national environmental requirements, the EBRD said.

(USD 1.0 = EUR 0.892)

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