In collaboration with the International Finance Corporation (IFC) and the Mongolian Mortgage Corporation (MIK), EPRC co-sponsored a roundtable discussion of mortgage market issues on Saturday 20 June at Ikh Tenger. Participants included IFC housing finance experts, members of Parliament, MIK board members and representatives from commercial banks, Mongol Bank (BoM) and EPRC.
EPRC delivered presentation on mortgage down-payment supplements as a possible mechanism to support affordable housing for Mongolians, generating a discussion on the means to introduce liquidity into the banking system. MIK chairman, Mr. Randolph Koppa, CEO of the Trade and Development Bank (TDB), gave a presentation on the current condition of the housing financing market in Mongolia and outlined potential growth of MIK activities. Executive director of MIK, Ms. Enkhbayar, introduced MIK’s vision and mission statement. IFC consultants provided information on international experiences establishing mortgage financing institutions and common challenges and opportunities facing developing countries in the development of mortgage markets. Roundtable discussions provided a forum for open dialogue between Mongol Bank, MIK, commercial banks, Parliament members and international financial organizations about the current mortgage market and ways to increase opportunities for Mongolian citizens to access affordable housing financing to purchase their own homes.
Parliament members and the Head of the Legal Standing Committee, Mr. Enkhbayar, promised that the Legal Standing Committee was reviewing the draft Mortgage Law and as Mr. Enkhbayar hoped, the law was approved towards the end of the spring Parliament session.