RIA Oreanda, Russia
Economic News
July 31 2009
IFC Supports Development of Mortgage Markets in Armenia
Yerevan. OREANDA-NEWS . On 31 July 2009 was announced, that IFC, a
member of the World Bank Group, today convened a broad-based working
group that seeks to increase access to home financing in Armenia .
The group, conceived by the Central Bank of Armenia , will work to
identify key constraints to the development of the primary and
secondary mortgage markets in Armenia , recommend legislative
remedies, advocate improved national mortgage lending standards, and
introduce best international practices.
The working group consists of representatives of IFC, the World Bank,
the Central Bank of Armenia, German development bank KfW, the
U.S. Agency for International Development, and major stakeholders from
the banking and finance industries. Some group members, including
those from IFC and KfW, bring considerable experience and expertise in
international mortgage finance to the deliberations.
IFCs support of our initiative in promoting mortgage financing project
is very important, said Arthur Javadyan, Governor of the Central Bank
of Armenia . The Central Bank appreciates IFCs active involvement in
helping develop the primary and secondary mortgage markets in Armenia
, considering its knowledge of mortgage financing in developing
countries.
IFC experts from Indonesia , Russia , and the United States recently
organized a presentation for commercial banks highlighting the market
and regulatory conditions necessary for the successful operation of
liquidity facilities and secondary mortgage market companies in the
country.
These efforts are part of the strategy of the IFC Armenian Banking
Development Project aimed at improving the legal and regulatory
framework in the country related to insolvency, distressed asset
management, and residential mortgage lending, and assisting IFC
clients during the financial crisis.
From: Emil Lazarian | Ararat NewsPress
