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IFC Helps House Construction Savings Bank of Kazakhstan Increase Mortgage Lending

Almaty, Kazakhstan, November 12, 2018 –IFC, a member of the World Bank Group, is helping the House Construction Savings Bank of Kazakhstan (HCSBK) ramp up its mortgage lending, providing crucial finance to prospective home owners across the country.
IFC will provide advisory support to help the bank grow its housing portfolio and bring its mortgage lending operations in line with international standards, providing expertise and skills in numerous areas.
“Nowadays in Kazakhstan a system of housing construction saving is the most affordable way to purchase a house. It is trusted by more than 1.2 million people which is 13.1% of the total economic active population in the country. The bank has already provided mortgages to 160,000 people, including 4,500 in October of this year, a record for the bank,” said Lyazzat Ibrahimova, Chairman of the Board of HCBSK. “To have even more home owners, the bank intends to take it operations to the next stage of growth. This will attract additional investment and help introduce new housing finance solutions, thus allowing our customers to receive qualitative services and become homeowners.”
Housing finance offers significant potential for banks and financial institutions in Kazakhstan. However, this type of financing currently represents only 2 percent of the country’s GDP, compared to more than 50 percent in the United States and Europe.
“We believe that a strong housing sector is critical for Kazakhstan’s sustainable development. Financial institutions, such as House Construction Savings Bank of Kazakhstan, can play an important role in helping drive the growth of this sector,” said Cassandra Colbert, IFC Regional Manager for Central Asia. “The bank is in an ideal partner in our efforts to strengthen competitiveness of Kazakhstan’s banking sector and promote financial inclusion throughout the country.”
IFC is a leading international investor in housing finance. To catalyze the development of sound and widely accessible housing finance markets, IFC offers a unique combination of investment services and top-notch expertise. One of IFC’s global objectives is to help finance one million homes to create 5 million jobs by 2020.
About HCBS  
House Construction Savings Bank of Kazakhstan is the only bank in Kazakhstan with a housing construction savings program. The program is intended for improvement of housing conditions of people through attracting funds of depositors to housing construction deposits and granting them with housing loans. The sole shareholder of HCSB is Baiterek National Management Holding. The bank organizational structure includes a headquarters in Almaty city and 17 regional subsidiaries. For more information, visit .
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit .
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