Ulaanbaatar, Mongolia, December 13, 2011
—IFC, a member of the World Bank Group, is investing $40 million in diversified investment company Newcom Group to support its expansion in Mongolia and strengthen infrastructure and other sectors key to the country’s sustainable development.
IFC’s financing will help Newcom develop a number of projects across sectors such as renewable energy, transportation, communication, and real estate, contributing to the growth of Mongolia’s infrastructure and the diversification of its economy. These projects include increasing the installed power capacity through Mongolia’s first grid-connected wind farm and expanding operations of Eznis Airways in the country.
Mongolia is experiencing a pivotal time in its resource-led economic development. World-class mining projects will drive strong economic growth and create demand for sectors around the supply chain. Fitch Ratings recently upgraded Mongolia’s long-term debt rating to B+ from B.
“IFC provides critical financing and expertise when we need them most,” said Bayanjargal Byambasaikhan, Chief Executive Officer of Newcom Group. “Newcom is a promoter of clean technology, and innovation, and our partnership with IFC will strengthen our capability to lead sustainable businesses in the country.”
Hyun-Chan Cho, IFC Country Manager for China and Mongolia, said: “It is one of IFC’s priorities to support sustainable development and help diversify the natural resource-led economy in Mongolia. The partnership with Newcom will also enable us to stimulate job creation and support sectors that are critical to the country’s future growth.”
Since 2002, IFC has invested more than $130 million in Mongolia’s private sector covering banking, manufacturing and agribusiness. IFC is also providing advice to the government and companies to improve business inspections and corporate governance.
About Newcom Group
Newcom is an investor committed to connecting people and bridging distances by bringing global expertise and innovation to Mongolia. The Newcom Group today employs about 2,200 people and has a diverse portfolio of investments across telecommunication, information technology, airline, financial services, renewable energy, real estate and mining services sectors. Tserenpuntsag Boldbaatar is co-founder and Chairman and Bayanjargal Byambasaikhan is Chief Executive Officer of Newcom. The company’s headquarters are in Ulan Bator, Mongolia. Newcom introduced cell phones to Mongolia in 1996 by investing and establishing Mobicom, the country’s premier mobile telecom operator. Newcom launched Eznis Airways in 2006. Eznis today is Mongolia’s leading private airliner flying passengers to all domestic destinations and a few cities in neighboring China and Russia. Newcom is also building Mongolia’s first wind farm which will be commissioned in 2012.
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IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit