Kyiv, April 23, 2008—IFC, a member
of the World Bank Group, today signed a memorandum of understanding with
the University of Banking of the National Bank of Ukraine to enhance higher
education in mortgage finance in Ukraine.
IFC, as part of its Ukraine Mortgage
Development Project, will work with the University of Banking to develop
training materials for students specializing in finance and banking. This
initiative will introduce students to mortgage industry operations, including
lending procedures, funding options using a mortgage note, and the issue
and turnover of mortgage-backed securities.
“Ukraine’s mortgage market is among
the fastest-growing in the world. To guide it in the right direction, it
is essential to educate today’s university students, who will become tomorrow’s
mortgage industry professionals, on international best practices in the
industry. We are glad to partner with IFC to improve student knowledge
and to help influence the level of professionalism in the mortgage market,”
said Tamara Smovzhenko, Principal of the University of Banking.
As part of this initiative, IFC mortgage
industry experts delivered a workshop for 60 students on April 16, 2008.
The session provided an overview of Ukraine’s mortgage business process
and covered all aspects of mortgage lending. It also included practical
“We are delighted to collaborate with
the University of Banking. Our partnership with such a respected academic
institution will help develop the mortgage market and build a viable mortgage
financing framework in Ukraine,” said Elena Klepikova, IFC Senior Operations
Manager for Housing Finance in Eastern Europe and Central Asia.
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 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.
About the University of Banking
The University of Banking, part of the National Bank of Ukraine, comprises
three specialized institutes in Cherkassy, Kharkiv, and Lviv and the Center
of Master’s Training in Kyiv. The university is responsible for the overall
management of training, retraining, and skills improvement programs for
banking specialists under the governance of the National Bank.