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Kyiv, Ukraine, March 28, 2007
,— IFC, the private sector arm of the World Bank Group, is providing financing to International Mortgage Bank (IMB), a Ukrainian bank that specializes in mortgage lending. The 10-year, $7 million loan is IFC’s first housing finance credit line in Ukraine. It will support the growth of IMB’s mortgage portfolio and expand access to credit for Ukrainians seeking to purchase homes or make home improvements.
Todd Esposito, Chief Financial Officer of IMB Group, said, “This agreement with IFC is a landmark for IMB. We are also in discussions with IFC about other types of financing over the next six to nine months. We believe the deal signed today is only the beginning of a fruitful partnership.”
Yuriy Blashuk, IMB’s Chief Executive Officer, noted, “This funding is the second deal that IMB has signed this year, bringing our total long-term mortgage funding to about $50 million. It will enable us to continue to be a leader in the Ukrainian marketplace. We look forward to working with IFC over the next several years.”
Jerome Sooklal, Director of IFC’s Central and Eastern Europe Department said, “Supporting housing finance in Ukraine is a strategic area for IFC. By financing a growing bank known for best practices, affordable financing, and outstanding service, we are helping build the mortgage market and helping Ukrainians purchase homes.”
Jyrki Koskelo, IFC’s Director of Global Financial Markets Department said “IFC is pleased to support IMB in its effort to expand the mortgage lending program. Housing finance is one of the fastest growing areas of investment for IFC, and a priority sector. The development of a housing finance market is an important building block of the country’s financial sector.”
“IFC aims to support the development of mortgage market in Ukraine. A functioning mortgage system will help create a more liquid housing market and enable more first-time buyers to purchase their own property. In addition, the development of the market will create employment in the construction sector and related industries,” said Elena Voloshina, Head of IFC’s Operations in Ukraine.
About IMB Group Public Ltd.
IMB Group Public Ltd. is Ukraine’s leading consumer lending holding, offering mortgages and point-of-sale loans, and taking deposits. The group owns a 100 percent stake in International Mortgage Bank and in Family Credit, a consumer lending intermediary. IMB Group is backed by Horizon Capital, Ukraine’s leading private equity fund manager. For more information please visit
www.ipoteka.com.ua
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About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products have committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business-enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org
.
Ukraine became a shareholder and a member of IFC in 1993. As of March 20, 2007, IFC invested around $705 million in 32 projects. IFC’s investment program in Ukraine is expanding rapidly with a focus on the financial, agribusiness, construction materials, retail trade and services, energy, and infrastructure sectors. IFC has also been conducting an extensive advisory program since 1992, which initially focused on the privatization of small businesses, land, and idle construction sites. Current donor-funded programs offer advice on corporate governance, leasing, and agribusiness. IFC also seeks to improve the business environment and promote growth of small and medium enterprises.
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