Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy of Ukraine, Scott Nathan, Chief Executive Officer of DFC, and Julia Monaco, Managing Director of Citibank, signed a Memorandum on the development of the mortgage market in Ukraine at the Ukraine Recovery Conference (URC2024) in Berlin.
As stated by the First Vice Prime Minister – Minister of Economy of Ukraine, the agreement will create conditions for attracting guarantees and long-term financial resources to fund the housing sector through mortgage programs, including ‘yeOselia’.
“russia’s military aggression against Ukraine has resulted in the destruction of housing stock and the forced displacement of about 6.5 million Ukrainians, according to various estimates. We appreciate the willingness of our American partners to engage in cooperation. We are grateful to our partners for their eagerness to provide advisory assistance and work together to find opportunities to support and fund the mortgage market in Ukraine. We hope that this will enable more Ukrainians to purchase their own homes in the future,” – said Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy of Ukraine.
Ievgen Metsger, Chairman of Management Board at UFHC, noted that signing this memorandum is the next step in scaling up the affordable mortgage program, which has been a long time in the making for both the American and Ukrainian parties. He thanked the American partners for supporting our country in such a difficult time. ‘‘yeOselia’ is a driver of the mortgage market in Ukraine. Our mortgage portfolio has reached almost UAH 17 billion. We do not plan to stop and are looking for all the opportunities to increase funding for the program and satisfy the entire demand of Ukrainians for mortgages’, – Ievgen Metsger emphasized.
The parties to the memorandum will work together to find opportunities to fund the Ukrainian mortgage market. Therefore, the parties agreed to hold further consultations to assess the benefits of potential co-financing opportunities, credit support and other means of cooperation.
For reference.
The U.S. Agency for International Development (DFC) was established by the U.S. government to promote the development of the market-based private sector by providing loans, capital, and other financial support.
Citibank was founded in 1812 as the City Bank of New York, and since 1998 has been operating a subsidiary in Ukraine with offices in Kyiv and Lviv, offering corporate payments and liquidity management, treasury services, corporate finance, lending and securities.
