XacBank signed a USD 15 million, five-year loan agreement with Nederlandse Financierings-Maatschapij voor Ontwikkelingslanden (FMO) to increase the bank’s second tier capital and to support the expansion of its lending to Mongolian small and medium enterprises.

“This long term financing is being provided by FMO after researching XacBank’s performance, which signifies the sustainability in development, the success of the bank’s operations, and the growing affiliation between the two organizations.

FMO is the entrepreneurial development bank of the Netherlands and was founded in 1970 by the Dutch government, its private sector, employers, and employee organizations. Its aim has been to empower entrepreneurship in emerging economies to stimulate development. XacBank is one of the major banks in the country that provides its clients with diversified financial services in its network of over 91 branches across the nation.