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Finance

World Bank Group plans $12m loan to Mongolia microfinance company

Transcapital earmarks funds for small companies and rural areas

The loan would be the first investment through a local-currency linked instrument in Mongolia by the International Finance Company, the World Bank's private sector arm. (Source photos by AP and Reuters)

HANOI -- The World Bank's private sector arm, International Finance Corporation, may extend a syndicated senior loan facility equal to $12 million in local currency to Mongolian microfinance company Transcapital.

The deal would be IFC's first investment using the Mongolian tugrik and its first business with a non-banking financial institution in the country, IFC said in a statement.

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