Kyrgyzstan and Kazakhstan plan to sign a memorandum on cooperation in mortgage lending, the press service of the Ministry of Economy of Kyrgyzstan said.
The document will be signed on May 24 between State Mortgage Company OJSC of Kyrgyzstan and Zhilstroysberbank JSC of Kazakhstan, a subsidiary of Baiterek holding company.
The agreement will contribute not only to the exchange of experience and the development of the mortgage market, but also will contribute to the formation and development of the system of housing construction savings in Kyrgyzstan, the Ministry of Economy said.
JSC Zhilstroysberbank of Kazakhstan uses the German model of housing construction savings system, where the functions of a creditor and an investor are performed by one bank that issued a mortgage.
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