A senior loan of up to $40 million to Khan Bank (KB) to provide funding for MSMEs. MSMEs contribute 70 percent of GDP and employ half of the workforce in Mongolia. As such, they are important to the economic success of the country and to its efforts to diversify the economy. Being a large territory, Mongolia's geographical branch penetration is one of the lowest in the world at 0.67 branches per thousand square km making access to finance a challenge for MSME's. The proposed loan supports the government's policy to develop a competitive and vibrant MSME sector in Mongolia. KB remained as Mongolia's largest bank in terms of loans and deposits with market shares of 23% and 26%, respectively, as of YE2013. The bank has also maintained its leadership in distribution networks with 528 branches and 335ATMs as of YE2013. KB's loan portfolio is $1.55 billion as of December 2013 and is distributed as per the following: personal loans 49%, trade 16%, construction 10%, Agriculture 3% and others 22%.
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