EBRD provides tugrik loan worth €10 million to Mongolian car dealer

The FINANCIAL -- The European Bank for Reconstruction and Development (EBRD) is continuing to develop local currency financing in Mongolia by providing a loan in tugrik to a Toyota car dealer, Tavan Bogd LLC. The company is part of Tavan Bogd Group, a long-standing EBRD client with interests in fast-moving consumer goods, cashmere manufacturing, financial services and trade, according to EBRD.

The EBRD loan of 23.4 billion tugrik (€10 million equivalent) will help the company finance the construction of a state-of-the-art Toyota repair and maintenance centre, expand its new car distribution and sales business, and improve energy efficiency.
The project will also benefit from grant financing of €42,000 for an energy efficiency audit provided by the government of Japan. Further grant financing is available for energy efficiency improvements, according to EBRD.
Ts. Baatarsaikhan, General Director of Tavan Bogd Group, said: “This is another example of the good cooperation between the EBRD and our Group. We can always rely on the EBRD to understand our business requirements and provide us with the support we need.”
“With this transaction, the EBRD continues to support Mongolia’s private sector. Demand for new cars keeps increasing and Tavan Bogd’s new repair and maintenance centre will serve the country’s growing middle class,” said EBRD Director for Central Asia, Masaru Honma.
To date, the EBRD has invested over US$ 1 billion into the Mongolian economy. The EBRD is currently the largest foreign investor in Mongolia. Nearly all EBRD-financed projects support private sector companies and banks, according to EBRD.

Source:http://finchannel.com/
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic