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Kyiv, Ukraine February 29, 2008
—IFC, a member of the World Bank Group, has partnered with Ukraine’s State Mortgage Institution and Russia’s Agency for the Housing Mortgage Lending to help develop the secondary mortgage market in Ukraine. Top representatives from the Russian agency recently hosted a meeting in Moscow for their Ukrainian colleagues, sharing their experience working with IFC on introducing the mortgage note into the Russian market. They also discussed prospects for developing the primary and secondary mortgage market in both countries.
The meeting, facilitated by IFC, aimed to help the State Mortgage Institution understand and define its role in developing the mortgage market in Ukraine, using Russia as a model.
“This meeting marked the beginning of a fruitful cooperation between the three organizations. It was very helpful to hear from our Russian colleagues about their experiences. We hope that the lessons they learned along the way will help us achieve similar impact in Ukraine,” said Sergei Volkov, Deputy Head of the State Mortgage Institution.
“The State Mortgage Institution has an important role to play in developing the secondary mortgage market in Ukraine. Through a close cooperation with us, the company will use a mortgage note to purchase pools originated in local currency. This will increase the liquidity of the market in the country, a key objective of the IFC Ukraine Mortgage Development Project,” said Dermot Hannigan, IFC Project Manager.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
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About the State Mortgage Institution
SMI facilitates the development of the housing finance market in Ukraine by providing refinancing facilities to local banks that originate mortgages in Ukrainian hryvna. It also aims to provide cheaper mortgages for citizens. Due to a reduction in interest rates, the market saw a significant growth of loans in hryvna-denominated mortgages (11.3 percent) during the latter part of 2007. For more information, visit
www.ipoteka.gov.ua
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About the Agency for the Housing Mortgage Lending
AHML’s objective is to increase liquidity of Russian banks through mortgage refinancing. As of February, 1, 2008, the agency had refinanced more than 110,046 mortgage loans in the amount of 79,512 million Russian rubbles (equivalent to 15,902 million Ukrainian hryvna). For more information, visit
www.ahml.ru.
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