Khan Bank receives $10 million for Mongolian business loans

{mosimage}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.

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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