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Mercy Corps and Xac Bank sign a Memorandum of Understanding

Mercy Corps and Xac Bank have signed a Memorandum of Understanding (MoU) on June 2, 2017 to partner on Resilient Communities Program, a flagship program for Mercy Corps Mongolia for increased financial inclusion of herders and SMEs working in livestock sector and developing environmentally friendly financial products that better address current livestock market challenges including pasture land degradation, as well as feed and fodder shortage, both of which are significant causes of low livestock productivity. Xac Bank, an institution initially established in 2001 with the support from Mercy Corps, is one of the top commercial banks in Mongolia with 86 branches across the country and more than 700 thousand customers nationwide. This partnership is expected to positively impact the quality of the Mongolian livestock market with innovative and environmentally-friendly approaches.

"Financial inclusion and accessibility is very important for rural herders, so we are glad that we will be collaborating [with Xac Bank] to improve general financial literacy and accessibility to green financial products. There are already existing international examples where community incomes were positively impacted thanks to green financial products." said Ramesh Singh, Country Director of Mercy Corps Mongolia, at the MoU signing ceremony. The effectiveness of such sustainable initiatives have already been clearly visible, and Mercy Corps is looking forwards to implement a specific joint assessment to identify pilot products that will be suitable for the needs of Mongolian herders.

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