Tashkent, November 26, 2007 - IFC,
the World Bank, and the International Housing Finance Program of the University
of Pennsylvania’s Wharton School recently conducted a four-day workshop
to enable more than 50 executives of state agencies and commercial banks
in Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan to review
global innovations of housing finance systems.
Through lectures delivered by mortgage
experts from Wharton, the workshop allowed participants to obtain unique
knowledge on such topics as housing policy, funding the mortgage portfolio,
managing risks, transforming rental markets, and government subsidies in
expanding the mortgage market.
“IFC played an active role in developing
the legislative basis for mortgage lending. I believe that this workshop
is a logical continuation of IFC’s overall efforts in building a primary
mortgage market in the region,” said Abdurakhman Gafurov, Chairman of
Uzbekistan Mortgage Lending Support Fund.
Well-established housing finance systems
are a key condition for building housing markets. Many Central Asian countries
are in the process of developing legal and regulatory systems, including
design of various national programs to extend opportunities for the private
housing finance sector and ensure access to high-quality housing for the
"This workshop has been a unique
opportunity for IFC and the World Bank to help develop the Central Asian
and Azerbaijan housing markets. Our experience in this area allowed us
to reach both government officials and private sector companies, through
this joint training. We will continue to collaborate and help develop
the policy environment, the financial instruments, and the implementation
capacity," said Loup Brefort, World Bank Country Director for Uzbekistan.
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 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 loan participations
and structured finance for 299 investments in 69 developing countries.
IFC also provided advisory services in 97 countries. For more information,