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Khan Bank receives $10 million for Mongolian business loans |
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Monday, 05 November 2007 |
 Mongolia’s Khan Bank is to
receive a $10 million loan to assure Mongolian businesses have capital
available for expansion.
The loan is to be provided
to Khan Bank by the Asian Development Bank.
Based in Manila, Asian Development
Bank officials believe there will be a growing demand by Mongolian businesses
for long-term funding.
 “With the economy expected
to grow substantially over the medium term, Mongolian enterprises are
expected to face rapidly increasing demand, raising the need for long-term
financing to support their growth,” the Asian Development Bank said
in a release.
The statement also took note
of Mongolia's gross domestic product, which rose by an average 7.9 percent
from 2003 to 2005 and by 8.4 percent in 2006.
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