OREANDA-NEWS. On 03 March 2008 was announced, that IFC, a member of the World Bank Group, partnered with Ukraine’s State Mortgage Institution and Russia’s Agency for the Housing Mortgage Lending to help develop the secondary mortgage market in Ukraine.  Top representatives from the Russian agency recently hosted a meeting in Moscow for their Ukrainian colleagues, sharing their experience working with IFC on introducing the mortgage note into the Russian market. They also discussed prospects for developing the primary and secondary mortgage market in both countries.

The meeting, facilitated by IFC, aimed to help the State Mortgage Institution understand and define its role in developing the mortgage market in Ukraine, using Russia as a model.

“This meeting marked the beginning of a fruitful cooperation between the three organizations. It was very helpful to hear from our Russian colleagues about their experiences.  We hope that the lessons they learned along the way will help us achieve similar impact in Ukraine,” said Sergei Volkov, Deputy Head of the State Mortgage Institution.

“The State Mortgage Institution has an important role to play in developing the secondary mortgage market in Ukraine. Through a close cooperation with us, the company will use a mortgage note to purchase pools originated in local currency. This will increase the liquidity of the market in the country, a key objective of the IFC Ukraine Mortgage Development Project,” said Dermot Hannigan, IFC Project Manager.