Almaty, Kazakhstan, November 12, 2018–IFC,
a member of the World Bank Group, is helping the House Construction Savings
Bank of Kazakhstan (HCSBK) ramp up its mortgage lending, providing crucial
finance to prospective home owners across the country.
IFC will provide advisory support to help
the bank grow its housing portfolio and bring its mortgage lending operations
in line with international standards, providing expertise and skills in
“Nowadays in Kazakhstan a system of housing
construction saving is the most affordable way to purchase a house. It
is trusted by more than 1.2 million people which is 13.1% of the total
economic active population in the country. The bank has already provided
mortgages to 160,000 people, including 4,500 in October of this year, a
record for the bank,” said Lyazzat Ibrahimova, Chairman of the Board of
HCBSK. “To have even more home owners, the bank intends to take it operations
to the next stage of growth. This will attract additional investment and
help introduce new housing finance solutions, thus allowing our customers
to receive qualitative services and become homeowners.”
Housing finance offers significant potential
for banks and financial institutions in Kazakhstan. However, this type
of financing currently represents only 2 percent of the country’s GDP,
compared to more than 50 percent in the United States and Europe.
“We believe that a strong housing sector
is critical for Kazakhstan’s sustainable development. Financial institutions,
such as House Construction Savings Bank of Kazakhstan, can play an important
role in helping drive the growth of this sector,” said Cassandra Colbert,
IFC Regional Manager for Central Asia. “The bank is in an ideal partner
in our efforts to strengthen competitiveness of Kazakhstan’s banking sector
and promote financial inclusion throughout the country.”
IFC is a leading international investor in
housing finance. To catalyze the development of sound and widely accessible
housing finance markets, IFC offers a unique combination of investment
services and top-notch expertise. One of IFC’s global objectives is to
help finance one million homes to create 5 million jobs by 2020.
House 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.