IFC will provide a $65 million loan to SME Finance Forum Member XacBank to support the expansion of access to finance for more than 44,000 micro, small and medium enterprises (MSMEs), to create jobs and promote economic diversification in Mongolia. “Mongolia’s micro, small and medium sized enterprises now account for about 50 percent of the country’s jobs. But the majority of these enterprises struggle to access the financing they need to grow and create more jobs, leaving a significant financing gap, estimated at $1.29 billion or about 11 percent of GDP.” said Randall Riopelle, IFC’s Country Manager for China, Mongolia and Korea.