EBRD and Khan Bank support Mongolian heavy machinery supplier
The European Bank for Reconstruction and Development (EBRD) and Mongolian lender Khan Bank are supporting the operations of the country's leading dealer in heavy duty machinery, Wagner Asia Equipment.
In a joint transaction, Khan Bank is providing a loan of up to MNT84 billion ($29 million) to WAE, which supplies specialised equipment to the country’s main industry, mining. Thirty-three per cent of the risk on the loan will be shared by the EBRD under a risk sharing facility signed between the two financial institutions.
The funds will allow WAE, a fully owned subsidiary of the Johannesburg Stock Exchange-listed heavy equipment dealer Barloworld, to finance working capital needs, helping the distributor to cope with the impact of the coronavirus pandemic on its operations.
