The EBRD is continuing to support the diversification of the Mongolian economy with a US$ 4 million senior loan and US$ 2 million mezzanine loan to support BSB Service, retailer of electronic goods and computers.
The proceeds of the senior loan will be used to build a large, modern and specialised retail store in the Khan Uul district. The mezannine loan proceeds will be used for inventory financing of new stores and to finish the construction of a new warehouse.
Mongolian-owned mining company Mongolyn Alt (MAK) and the EBRD have established business partnership since 2007. In its largest investment in Mongolia to date, the EBRD is raising the standards in the country’s mining industry with a US$ 250 million loan for the development of the Tsagaan Suvarga copper mine located in the Dornogobi province, south-eastern Mongolia. With the EBRD’s financing, MAK will diversify its business.
Since the beginning of its operations in Mongolia in 2006, the EBRD has invested over US$ 846 million in over 47 projects in different sectors of the economy, mobilising an additional US$ 1.8 billion from other sources of financing. All of the EBRD investment in Mongolia has been in the private sector.