The Overseas Private Investment Corporation (OPIC), a development finance institution backed by the US government, recently agreed to loan USD 49 million to XacBank, a microfinance institution in Mongolia, to support lending to women-owned small and medium-sized enterprises (SMEs) . The effort also includes a financial-literacy component. As of December 31, 2015, XacBank reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 979 million, a gross loan portfolio of USD 615 million, approximately 103,000 borrowers, total deposits of USD 442 million and approximately 618,000 depositors. Its largest shareholders are Mongolian mining company Mongolyn Alt Corporation and the World Bank Group’s International Finance Corporation (IFC) with 20 percent and 17.17 percent ownership, respectively.
The loan was disbursed through the Women Entrepreneurs Opportunity Facility (WEOF), a collaboration between Goldman Sachs 10,000 Women and IFC’s Banking on Women program. Launched in 2008, the 10,000 Women initiative aims to provide 10,000 “underserved” women with education in business and management, financial advisory services, and access to capital. Goldman Sachs reports total capital of USD 98 billion as of 2017. From its launch in 2014 until 2016, WEOF has committed approximately USD 600 million to banks in 17 countries.
By Christian Chartier, Research Associate
Sources and Additional Resources:
 “OPIC signs commitment with XacBank to support women-owned SMEs in Mongolia through Goldman Sachs 10,000 Women and IFC partnership”, OPIC.gov. https://www.opic.gov/press-releases/2017/opic-signs-commitment-xacbank-support-women-owned-smes-mongolia-through-goldman-sachs-10000-women-and-ifc
 Niedzwiecki, Sandra, “OPIC and Dawn sign $5 million commitment to support women entrepreneurs through microfinance in Myanmar”, OPIC.gov. https://www.opic.gov/press-releases/2017/opic-and-dawn-sign-5-million-commitment-support-women-entrepreneurs-through-microfinance-myanmar
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