IFC Investment in Banka Kombėtare Tregetare Supports Albania’s Housing Finance Sector
In Washington, DC:
Thoko Moyo
Phone: +1 (202) 458-8517
E-mail: tmoyo@ifc.org
In Tirana:
Elira Sakiqi
Phone: +355 4 280 650/51
E-mail: esakiqi@ifc.org
In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750
E-mail: sbrkic@ifc.org
Washington, DC / Istanbul, June 22,
2007 — IFC, the private sector arm of the World Bank Group, today
signed an agreement with Banka Kombėtare Tregetare to help the bank strengthen
its housing finance operations. The 20 million euro loan will boost the
emerging housing finance market in Albania and promote competition, an
important part of IFC's program to support overall development of the country’s
mortgage market.
This investment is part of IFC's broader strategy to develop housing finance
through increased mortgage origination in Albania and other emerging economies
in the region.
“This important transaction elevates our successful, long-term partnership
with IFC to another level. The loan has very competitive terms as compared
to borrowing conditions for Albanian companies at the international market.
The investment, combined with IFC’s advisory services, is very valuable
for Albania, where the primary mortgage market is in its early stages of
development and the secondary market is nonexistent,” said Seyhan Pencapligil,
CEO of Banka Kombėtare Tregetare, at the signing in Istanbul.
"Financial market development is a key part of IFC’s strategy for
Albania, and we are pleased to help introduce new products such as mortgage
finance. By providing funding for the primary mortgage system, IFC
will not only make home purchasing more affordable, but will also help
increase the depth and liquidity of the country’s financial markets. The
investment will also support growth in the construction industry and related
sectors,” said Shahbaz Mavaddat, IFC Director for Southern Europe and
Central Asia.
In addition, IFC will provide advisory services to Banka Kombėtare Tregetare
to help standardize its mortgage credit and operations, using the IFC Mortgage
Market Toolkit. IFC will also support Albania’s regulatory authorities
in improving the legal framework, enabling a better environment for housing
finance operations.
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 has
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.
About Banka Kombėtare Tregetare
Banka Kombėtare Tregetare is a commercial bank in Albania with total assets
of about 700 million euros. It is the second-largest bank in the country,
with a network of 36 branches in 18 cities. In 2006, it was selected as
the “Bank of the Year 2006” by The Banker magazine. The bank’s shareholders
comprise Calik/Seker Consortium (60 percent), the European Bank for Reconstruction
and Development (20 percent), and IFC (20 percent). The bank, which is
active in the retail business, is expanding regionally, opening its first
branch abroad in Pristina in July 2007. For more information, please visit
www.bkt.com.al.
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