Press Releases

IFC, World Bank, and Wharton School Partner to Help Develop the Mortgage Finance Industry in Central Asia and Azerbaijan

In Tashkent:
Anvar Meliboev
Phone: +998 (71) 138-5928

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 population.  
"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.  

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 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, visit