IFC Extends Its First Housing Finance Credit Line in Ukraine to International Mortgage Bank
In Kyiv
Larissa Shidlovskaya
Phone: +380 (44) 490-6400
Email: lshidlovskaya@ifc.org
In Washington, DC
Cynthia Case
Phone: +1 (202) 473-6287
Email: Ccase@ifc.org
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.
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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