Gyals Tugrug Savings and Credit Union of Mongolia entered into a financing agreement with NEXTSHIFT for 110,000 USD and received the fund successfully. We are pleased to report that this is the first time the credit union received the funding from overseas. Gyals Tugrug will mobilize these funds for expansion of its operations in the rural area of Mongolia.
Gyals Tugrug was established in December 14, 2016 with the purpose of supplying micro and small loans to rural areas where commercial banking services are inadequate and offering efficient and flexible funding opportunities to households and SMEs through our 42+ branches. We are second largest credit unions with over 15821 shareholder members.
Founded in October 2016, Nextshift is a global impact investing firm in Japan that produces both social and financial returns through its crowdfunding platform Nextshift Fund. Nextshift spreads the concept as a next shift of finance all over Japan and the world. Nextshift Fund raises funds from Japanese investors and provides the debt capital to microfinance institutions in Cambodia, Georgia and Mongolia to date.
Therefore, we received 300,000 USD fund from Alterfin, Belguim based fund on December, 2019. Alterfin’s goal is to improve the livelihoods and living conditions of socially and economically disadvantaged people and communities, predominantly in rural areas in low- and middle-income countries around the world.
