Tenger Financial Group Shows Its Plan to Invest Into Xinjiang Through the Event at the First China Euro-Asia Expo
Photograph: Hu Ren Ba, Reporter of People's Daily
In the afternoon of Sep.2, 2011, during the First China Euro-Asia EXPO, TenGer Financial Group from Mongolia held the signing ceremony of ‘Urumqi Tianrong MicroCredit Co.(under preparation) Investment MOU’ and ‘MOU between TenGer Financial Group and People’s Government of Urumqi Municipality’.
People’s Net Urumqi Sep.2 News (Reporter: Hu Ren Ba) In the afternoon of Sep.2, during the First China Euro-Asia EXPO, as the signature parties, Mongolian TenGer Financial Group, IFC, Xinjiang Longhaida Investment Co., Shanghai Junhe Investment Management Co. and Mongolian MAK Co., held the signing ceremony of ‘Urumqi Tianrong MicroCredit Co.(under preparation) Investment MOU’ and ‘MOU between TenGer Financial Group and People’s Government of Urumqi Municipality’in Urumqi, which officially opened the curtain for TenGer Financial Group to invest into Xinjiang, China.
As learned, TenGer Financial Group is a leading Financial Co. in Mongolia with shareholders consisting of IFC, EBRD,
BlueOrchard, MercyCorps, Triodos, etc. Its main partners include Morgan Stanley, KfW, Deutsche Bank, FMO and DWM, etc. The subsidiaries of TenGer Financial Group include XacBank, XacLeasing, Insurance Co., and Financial Solution IT Co.″
During the ceremony, Mr. Bold, CEO of TenGer Financial Group has expressed, the MicroCredit Co. planned to set up in Xinjiang will play an important role in the TenGer Financial Group. International well-known investors and partners of TenGer Financial Group hope that TenGer can share its microfinance experience along with its mission to help promote the sustainable microfinance development in China. Mr. Bold also mentioned the wish to contribute the further development of Sino-Mongolia bilateral relationship through this investment.
‘As the institution under the World Bank Group to support the private sector’s development in the developing countries, IFC has been working on promoting SME financing and sustainable development of microfinance industry in China through equity investment and TA in recent years’, Mr. Lai Jinchang, Director of IFC Chengdu Office said. As one of shareholders of TenGer Financial Group, IFC hopes to introduce international best practice microfinance technology and experience to help the micro and small enterprises’ growth by providing accessible financing services in Xinjiang through the co-investment with TenGer in Xinjiang.
Madam MiLi GuLiAJi NuEr, Deputy Director of Xinjiang Autonomous Region Government Financial Office, Mr. Zhang Hua Guo, Deputy Mayor of Urumqi City Government and Mr. Wang Taiping, Deputy Director of Boarder Trade Administration Bureau of Commerce Department of Xinjiang has attended the ceremony and gave their speech.