About XacBank Eco Products Program
Ulaanbaatar is the coldest capital in the world. Winter temperatures can average -20 Celsius. 60% of the city population live in tents called gers, with wooden frames covered by layers of wool felt. On average, households located in the Ger Districts use 5 tons of coal and 1.5 tons of wood per year. 60% of the pollution in the city during the heating season is attributed to coal burned in the Ger Districts. The bottom fifth quintile spend as much as 40% of their monthly winter income on heating fuels.
XacBank has worked with MicroEnergy Credits to launch a line of eco-products consisting of energy efficient stoves and ger blankets, which will reduce energy consumption.
More information about this loan
This loan is part of XacBank's green loan program, giving Mongolian farmers the support they need to grow and process organic fruits and vegetables despite harsh conditions and short growing seasons. These loans are used to obtain critical resources, like greenhouse space to shield crops from the cold, and training for traditionally nomadic entrepreneurs who lack agricultural experience. XacBank's green loan program also helps clients to improve their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.
About XacBankThis loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.
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Success!! The loan was 100% repaid