XacBank raised 55.7 million US dollars from the development financial institutions
Xacbank successfully raised a total of USD 55.7 million consists of USD 30 million from the German Investment Corporation (DEG), USD 20.7 million from the responsAbility (rA), and USD 5 million from Developing World Markets (DWM).
The funding will be used to finance micro, small, and medium businesses, women-owned businesses in particular, as well as to support green business and environmentally friendly projects that have a positive effect on mitigating climate change and reducing greenhouse gas emissions.
XacBank has always invested its exertion to improve financial accessibility by developing products and services that make banking services more convenient. Investment of our effort resulted many innovative services such as sending and processing credit requests online for micro and small and medium businesses, and offering more favorable terms to women owned businesses.
In addition, XacBank has reduced greenhouse gas emissions by 2.5 million tons of CO2 by 2024 as a result of our consistent support and sustainable financing of environmentally friendly initiatives, green businesses, and energy efficient technologies.
About the German Investment Corporation (DEG):
DEG is a German state-owned financial institution that invests in projects in support of social awareness, agriculture, renewable energy, water supply, education, health, etc. to support private sector and business growth and sustainable development in emerging markets.
About responsAbility (rA) development finance institution:
ResponsAbility is an internationally recognized development finance institution that invests in emerging markets and focuses on social responsibility and sustainability. This organization offers financial products aimed at supporting the sustainable development of small and medium-sized businesses by investing in projects that have a positive impact on the green economy and society.
About the Developing World Markets (DWM) financial institution:
Developing World Markets (DWM) is a financial institution dedicated to financing small and medium-sized businesses operating in developing markets and promoting resilient economic growth. DWM promotes socially responsible and sustainable business solutions by mobilizing private sector investment and development financing and supporting financial needs.
