Almaty, Kazakhstan, February 6, 2019—IFC,
a member of the World Bank Group, and the Housing Construction Savings
Bank of Kazakhstan (HCSBK) are launching the next stage of a project to
help expand the availability
of housing finance in the country.
The two institutions have already conducted
an assessment of HCSBK’s current operations, as part of a joint advisory
project to help the bank grow its housing portfolio by aligning its mortgage
lending operations with international best practice. The project will now
enter its second phase—finetuning HCSBK’s product offering and launching
new products and services to meet changing market demand.
“In Kazakhstan, a housing construction saving
system is the most affordable way to purchase a house. It is trusted by
more than 1.3 million people, or 13.8 percent of the working population,”
said Lyazzat Ibrahimova, Chairman of the Board of HCBSK. “We have already
helped 172,000 Kazakhstani people improve their living conditions. Taking
the bank to the next level will help attract additional investment and
introduce new housing finance solutions for our customers.”
Housing finance currently represents only
2 percent of Kazakhstan’s GDP, compared to more than 50 percent in the
United States and Europe, offering significant potential for Kazakh banks
and financial institutions.
“Our aim is to help HCSBK identify a path
for sustainable growth, through insights gained from our work in other
countries where banks have adapted to changing market conditions,” said
Cassandra Colbert, IFC’s Regional Manager for Central Asia. “HCSBK’s
new products and services will allow the bank to expand its offering of
affordable mortgage loans and set the stage for a healthy development of
the Kazakh housing finance market.”
IFC is a leading international investor in
housing finance, offering a unique combination of investment services and
expertise to catalyze the development of sound, accessible housing finance
Housing Construction Savings Bank of Kazakhstan
is the only bank in Kazakhstan with a housing construction savings program.
The program is intended for improvement of housing conditions of people
through attracting funds of depositors to housing construction deposits
and granting them with housing loans. The sole shareholder of HCSB
is Baiterek National Management Holding. The bank organizational structure
includes a headquarters in Almaty city and 17 regional subsidiaries. For
more information, visit www.hcsbk.kz.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In fiscal year 2018, we delivered more
than $23 billion in long-term financing for developing countries, leveraging
the power of the private sector to end extreme poverty and boost shared
prosperity. For more information, visit www.ifc.org.