Mongolia Green Finance Corporation

Mongolia Green Finance Corporation

Mongolia is particularly vulnerable to climate change, resulting in degradation of pastoral land and biodiversity, increased risk of winter “dzud”, and death of livestock, among other adverse effects. This has resulted in heavy migration to its capital city, Ulaanbaatar, which has the highest level of air pollution globally. Emissions from coal and wood burning for cooking and heating by households contribute to the severity of the air pollution. To this end, decreasing CO2 emissions at the household and business level is critical in Mongolia’s efforts to mitigate its climate change and air quality impacts.

Alongside the Government of Mongolia (GoM) and the Mongolia Sustainable Finance Association (MSFA), the programme will establish the Mongolia Green Finance Corporation (MGFC) to borrow through local partner financial institutions (PFIs) for thermal insulation of housing, energy efficiency for businesses and mortgages for green affordable housing. In this phase, the aim is to reduce 3.8 million tonnes of carbon dioxide equivalent (MtCO₂eq) in emissions. After initial operations, MGFC will look to attract new capital and target other sectors with potentially direct investment. Technical assistance is provided to operationalize MGFC and build the capacity of GoM and financial sector stakeholders. 

Total project value


Tonnes of emissions avoided




Result areas

Project timeline


30 Mar 2018 - 960 days

Funding proposal received

30 Mar 2018

Cleared by GCF Secretariat

04 Dec 2019

Cleared by iTAP

19 Oct 2020


13 Nov 2020 - 1,319 days so far

Approved by GCF Board

13 Nov 2020

Under implementation

To be completed

One region

  • Asia-Pacific

One country

  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

EquityUSD 4,654,103
GrantUSD 2,000,000
LoanUSD 15,000,000
LoanUSD 5,000,000
Total GCF Financing
USD 26,654,103


Co-FinancingEquityUSD 5,000,000
Co-FinancingEquityUSD 5,000,000
Co-FinancingLoanUSD 13,000,000
Total Co-Financing
USD 23,000,000

GCF Contacts

General media inquiries

GCF Communications
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
Send e-mail

Accredited Entity

XacBank JSC (Mongolia)
Ms. Tuul Galzagd

Director, Eco Banking Department
XacBank Headquarters Building, Post Branch 20A, P.O. Box 72, Ulaanbaatar, Mongolia
Phone +976 7577 1888
Mr. Enkh-Erdene Erdenekhuyag

Project Development Officer
XacBank Headquarters Building, Post Branch 20A, P.O. Box 72, Ulaanbaatar, Mongolia
Phone +976 7577-1888
More contacts

National Designated Authority

Ministry of Environment and Tourism
Ms. Choikhand Janchivlamdan Primary
15160 Government building 2, United Nation's street 5/2, Chingeltei district, Ulaanbaatar, Mongolia