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 exercises.

“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.

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 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.