IFC Supports Development of Mortgage Markets in Armenia
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
The group, conceived by the Central Bank of
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.
“IFC’s support of our initiative in promoting mortgage financing project is very important,” said Arthur Javadyan, Governor of the Central Bank of
IFC experts from
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.
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