Invescore NBFI Secures US$20m Funding

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 LimitedVia IFCEnkhmaral 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.