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IFC to help banks in Central Asia and Azerbaijan develop their Mortgage Lending Programs

06 August 2008 15:32 (UTC +04:00)

Baku. Nijat Mustafayev â€“APA-Economics. August 6, 2008. IFC, a member of the World Bank Group, has launched the Central Asia and Azerbaijan Mortgage Lending Advisory Project. The projectâ€™s objective is to provide direct support to commercial banks in implementing or upgrading their mortgage programmes focusing on serving the banking sector of Azerbaijan, Kazakhstan, Kyrgyzstan, and Tajikistan.
Banks in Central Asia and Azerbaijan have expressed a need for high quality direct support to development their mortgage lending facilities; in a region without a tradition of housing finance this would provide a significant and immediate impact. â€œThis project will help to ensure that the foundation is in place for long term growth and security in the local mortgage market through the transfer of best practices in mortgage lending to local commercial banks. With the current market instability, this is now more important than everâ€, said Garth Bedford, IFC Project Manager.