The FINANCIAL — 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 numerous areas.
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.
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.