Shunkhlai Plaza will become a benchmark for green office buildings in Mongolia
- MNT 90 billion EBRD loan to Shunkhlai Holding
- Funds to help construct green headquarters of Mongolia's major business group
- Project supported by FINTECC
The European Bank for Reconstruction and Development (EBRD) is helping to decarbonise Mongolia's construction sector and introduce new standards for sustainable office buildings by financing the refurbishment of the headquarters of Shunkhlai Holding, one of the country's most prominent business groups.
The EBRD loan of up to MNT 90 billion (equivalent to 24.6 million) will allow Shunkhlai Holding to convert a dilapidated factory, located in the country's capital Ulaanbaatar and formerly used to process cashmere wool, into a modern six-storey office space with catering and commercial facilities.
Shunkhlai Plaza will seek to receive a minimum rating of "Silver" under the Leadership in Energy and Environmental Design (LEED) green building certification programme, which recognises best-in-class building strategies and practices. The building will achieve this by reducing its energy consumption by at least 30 per cent and cutting water use by a minimum of 20 per cent. This will make Shunkhlai Plaza an important benchmark for green office buildings in Mongolia.
The loan is supported by the EBRD's Finance and Technology Transfer Centre for Climate Change (FINTECC), a programme designed to transfer technology in the area of climate change mitigation and adaptation and financed by the Global Environment Facility Trust Fund. FINTECC concessional financing of up to 93,000 will help install new air-conditioning systems and LED lighting and introduce other modern building-management systems.
The project is consistent with the EBRD's property and tourism sector strategy, which highlights the importance of managing and developing green and sustainable buildings and promoting urban regeneration initiatives to create more competitive, environmentally friendly cities.
To date, the EBRD has invested 2.4 billion in Mongolia's economy through 147 projects. Almost 90 per cent of these funds have been channelled to supporting private-sector companies.
