IFC Launches Home Ownership Program in Tajikistan
In Moscow:
Ilya Sverdlov
Phone: (7-495) 411-7555
E-mail: isverdlov@ifc.org
In Dushanbe:
Dilshod Kholmatov
Phone: (992-48) 701-1455
E-mail: dkholmatov@ifc.org
Dushanbe, Tajikistan, June 4, 2007 —
IFC, the private sector arm of the World Bank Group, recently announced
a three-year extension for the Central Asia Primary Mortgage Market Development
Project in Tajikistan to support the development of housing finance systems
based on market principles. IFC will work with the government and the private
sector to establish a residential mortgage lending system, a critical effort
that will make home ownership affordable for lower- and middle-income people.
IFC’s advisory team will help the government formulate and adopt enabling
legislation, while helping banks set up their mortgage-lending operations.
Efforts also include training for staff of major mortgage market players
and forging partnerships with local media to promote mortgage lending as
a key to improving living conditions for citizens of Tajikistan.
These new areas for IFC engagement in Tajikistan address gaps identified
in a recent study entitled “Central Asia Housing Finance Gap Analysis.”
It highlights areas where reforms are needed, such as legislative
improvements and enhanced institutional capacities for the development
of residential mortgage lending.
At the launch ceremony in Dushanbe, Shahbaz Mavaddat, IFC Director for
Southern Europe and Central Asia, said, “We look forward to a fruitful
collaboration with the government of Tajikistan to develop the country’s
housing finance market and to increase people’s opportunities to own a
home.”
Santiago Ruiz-Morales, IFC Project Manager, noted, “The project has already
begun work in new directions. In particular, with the active assistance
of the National Bank of Tajikistan, a working group of the five largest
banks in the country has been established to incorporate modern mortgage
lending banking practices and technologies as the program is rolled out.”
Bringing together Tajikistan’s key mortgage lending players to cooperate
on implementation will encourage participation, he added. “This
will create an environment that will allow broad segments of the population
to access affordable housing.”
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.
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