Did you know: OPIC supports women-owned small businesses in Mongolia?
In Mongolia, Uranchimeg Erdenebat used financing from XacBank LLC for research and development to expand her cosmetics line and reach more customers. Erdenebat produces cosmetics from locally sourced organic ingredients and exports her nettle shampoo to Japan. Her business is one of many women-owned SMEs that are an important driver of growth and diversification in the Mongolian economy, but which often struggle to access loans.
Earlier this year OPIC signed an agreement with XacBank and IFC supporting a $49 million loan focused on access to finance for women-owned SMEs in Mongolia. Through this partnership, more women-owned small businesses, like Erdenebat’s cosmetic business, will gain access to financing to expand and hire more workers. OPIC’s financing to XacBank is one of many projects the agency supports to expand opportunities for female entrepreneurs.
Recently at the 2017 Global Entrepreneurship Summit in Hyderabad, India, OPIC leadership highlighted OPIC’s strong commitment to women entrepreneurs and the region. “What has really opened my eyes here is the strong entrepreneurial spirit that women have in this country and how much that is growing,” said OPIC President and CEO Ray Washburne.