In Cairo:
Riham Mustafa
Phone: 0020 2 461 9150 Ext. 306
E-mail: rmustafa@ifc.org


Islamabad, Pakistan, May 26, 2008—In cooperation with IFC, a member of the World Bank Group, the State Bank of Pakistan has successfully completed a mortgage training program for local bankers to help build their capacity and improve housing finance services to low- and middle-income people.

The training was a follow-up to a cooperation agreement between IFC and the State Bank of Pakistan. There were modules on global trends, the local market, marketing and customer relations, loan application and file building, sales interviews, Islamic products, registration, closing and funding, loan servicing, underwriting, and risk management. The event took place at the National Institute of Banking and Finance in Islamabad.

“Housing finance is important for the wellbeing of individuals and the economy. A mortgage banker should serve as a consultant who assesses the client’s needs and advises on available options, rather than act solely as a loan officer,” said Kazi Abdul Muktadir, Managing Director of the National Institute of Banking and Finance.

IFC developed a comprehensive training package on housing finance for the State Bank of Pakistan and delivered the initial session for master trainers in December 2007. Some of the senior bankers who attended the training were selected as instructors for this month’s event.

“The training program is part of IFC’s efforts to develop Pakistan’s housing finance market for underserved people. We have already completed advising the House Building Finance Corporation, the country’s largest and oldest mortgage lender, on developing a sustainable business plan for its operations,” said Akbar Khan, IFC Project Officer and trainer.

Currently, IFC is working with the State Bank of Pakistan’s Housing Advisory Group to help expand the housing market by recommending ways to simplify the business environment. This includes creating a mortgage refinance company that will provide long-term funding at fixed interest rates.

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 poor 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.