Page 448 - 2019 6th AFIS & ASMMA

commercial banks (Affordable mortgage).
Kyrgyzstan
| COMPANY |
State Mortgage Company of Kyrgyzstan
| Chairman of the board |
Abzhaparova Elmira Abdikaarovna
» Vision
SMC is a stable and steadily developing mortgage organization of
the Kyrgyz Republic, which provides citizens of the country with the
opportunity to purchase affordable housing through long-term and low-
cost mortgage loans or rentals with subsequent redemption.
» Main Business
▧ Securitization
- SMC issues Mortgage-Backed Securities (MBS) and Covered Bond using
mortgage loans transferred from financial institutions as the underlying
assets and sells MBS to investors to raise long-term, low-interest capital
from the bond market. The first issue of MBS in 2018 was sold in the
amount of 200 million soms or 2,9 mln USD with a coupon rate of
8.3% per annum. Involved funds are used for mortgage lending through
450
- Volume of MBS/Covered Bond issued : 200 million KGS (2018)
▧ Public Mortgage
SMC produces the loan refinancing, issued by commercial banks to citizens
of the Kyrgyz Republic for the housing purchase from the funds authorized
capital in the amount of 321.5 million soms and budgetary loans in the
amount of 4.0 billion soms. Through 14 partner banks, over 4 thousand
loans were issued totaling more than 5.0 billion soms, as a result of which
over 270 thousand square meters of housing were acquired and over 16
thousand citizens of the Kyrgyz Republic were provided with housing.
▧ Housing Construction
SMC finances the construction of economy-class housing and in is currently
completing the construction of 2 high-rise buildings. Upon completion of
the construction of the apartment will be provided for long-term lease with
the subsequent purchase of up to 15 years.
▧ Contract savings housing system
SMC has developed a model of contract savings housing system for the
Kyrgyz Republic. In the near future, the introduction of this system is
expected. Development of the system of contract and housing savings
through the creation of a Housing and Savings Credit Company under
SMC, conditions will be created for the development of mortgage lending
to the Kyrgyz Republic, which will give impetus to the development of
the construction industry, provide the population with affordable housing,
create jobs thereby contributing to the development of the coun-try's
economy.
Session I
2019 6th AFIS & ASMMA Annual Meeting 451