Golomt Bank obtains long-term loan from the WorldBusiness Capital, Inc. and Overseas Private Investment Cooperation of the U.S.
On September 14th, 2017, Golomt Bank signed an 8 year credit agreement with WorldBusiness Capital Inc. (WBC) under a guarantee from the U.S. Overseas Private Investment Corporation (OPIC) as part of its commitment to developing SME businesses in Mongolia. With this long-term facility, Golomt bank is supporting not only its SME clients, but also growing corporates that fall into the international definition of SMEs. The loan facility is especially oriented toward promoting SMEs operating in the agribusiness sector and environmentally friendly projects.
On the occasion of credit agreement signing, Tomas Bravenec, Deputy CEO of Golomt bank mentioned: “We are thankful to OPIC and WBC for their support and confidence they put forward. It makes us very proud to receive such long term funding, which extends beyond the currently outstanding Mongolian sovereign bonds. This commits us to work even harder and better on behalf of our customers and international partners.”
This agreement is a milestone for Golomt Bank expanding its U.S. partnerships and aligning its goal with the mandate of international institutions like OPIC and WBC to support business growth, job creation and overall development of the emerging market through long-term financing solutions.
World Business Capital, Inc. (WBC) is a commercial finance company based in Hartford, Connecticut, USA that offers flexible term loans helping small and midsize businesses compete in the global marketplace. Founded in 2003, WBC is a direct lender with many years of experience in cross-border trade and project finance, and has a proven track record in emerging markets around the world, with a focus on lending in Latin America, Asia, Eastern Europe, and Africa.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.
Golomt Bank is a leading systemically important bank in Mongolia, with MNT 5 trillion in assets as of September 30th, 2017, serving corporate, SME and retail customer segments across the country. Golomt Bank aims to help its clients build sustainable businesses and with this goal in mind, Golomt Bank is working to bring favorable funding solutions to its clients.