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ICFG Limited's 80.49% owned Mongolian subsidiary, Invescore NBFI JSC, received a US$20 million equivalent five-year senior financing facility from FMO Entrepreneurial Development Bank, announced on 27 August 2025. This MNT-denominated facility allocates at least 10% to green initiatives and 90% to micro and SME sub-loans. In June 2025, Invescore NBFI also secured a US$3 million equivalent MNT-denominated loan from EMF Microfinance Fund, bringing the total funding received from EMF to approximately US$16 million across six rounds.
| Date | 27 Aug 2025 |
| Time | 07:00:02 |
| Category | Miscellaneous |
| ID | 7026W |
27 August 2025
ICFG Limited
("ICFG" or the "Company")
Invescore NBFI Secures US$20 Million Funding from FMO Entrepreneurial Development Bank
ICFG is pleased to announce that its 80.49% owned Mongolian subsidiary, Invescore NBFI JSC ("Invescore NBFI"), has received a US$20 million equivalent financing facility from FMO Entrepreneurial Development Bank, based in the Netherlands (the "Facility").
The Facility is a senior loan denominated in MNT, with a term of five years. In line with FMO's sustainability mandate, at least 10% of the funding will be allocated to green initiatives, following the 'FMO Master Green List'. The remaining 90% will be directed toward micro sub-loans and SME sub-loans, targeting underserved agricultural, rural, women-led, and youth-owned businesses, which directly supports both financial inclusion and climate action objectives. The development of SMEs is essential for the diversification of Mongolia's economy, which remains heavily reliant on the mining sector. The green financing component will further contribute to environmental sustainability.
In June 2025, Invescore NBFI also secured an additional MNT-denominated loan equivalent to US$3 million from EMF Microfinance Fund, AgmvK ("EMF"). This marks the sixth round of financing from EMF, bringing the total funding received from the fund to the equivalent of approximately US$16 million. The new EMF funding will be used to further strengthen support for micro SMEs ("MSME"), a key driver of Mongolia's economic development through business growth, job creation, and social impact.
For further information, please contact:
ICFG Limited
Via IFC
Enkhmaral Batkhuyag, Interim CEO
Strand Hanson Limited (Financial Adviser)
Rory Murphy / Abigail Wennington / David Asquith
+44 (0) 207 409 3494
Novum Securities (Broker)
Jon Bellis / Colin Rowbury
+44 (0) 207 399 9400
IFC Advisory Limited (Financial PR and IR)
Tim Metcalfe / Zach Cohen
+44 (0) 203 934 6630
About InvesCore NBFI JSC
Founded in 2014, Invescore NBFI is the largest non-bank financial institution (NBFI) in Mongolia, representing approximately 13% of the sector's assets and loan portfolio. As of 2024, the company operated 16 branches and 7 business centres, serving more than 82,000 clients in Mongolia and across Central Asia through its subsidiaries. Invescore NBFI provides a broad range of financial products, with a strong emphasis on lending to the MSME segment. Invescore NBFI remains committed to expanding its operations and strengthening partnerships with global financial institutions, with the goal of enhancing its impact on Mongolia's financial sector and contributing positively to sustainable economic development.