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Finance Ministry establishes Ukrainian Financial Housing Company

Source : 112 Ukraine

It is expected to offer financial instruments that allow citizens to take mortgage loans from banks through the state
14:43, 28 December 2020

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The Ministry of Finance has decided to establish the Ukrainian Financial Housing Company (UFHC) in order to develop and implement an affordable mortgage mechanism. This was reported by the ministry’s press service.

"The Ministry of Finance has created PJSC ‘Ukrainian Financial Housing Company’ to provide affordable mortgages," the statement said.

UFHC will offer financial instruments that allow citizens to take mortgage loans from banks through the state at 7% per annum for a period of 20 years.

Related: National Bank expects weak impact of lockdown on Ukrainian economy

According to the statute, the purpose of the Ukrainian Financial Housing Company is to ensure the functioning of the mortgage lending market, to promote and implement financial and credit mechanisms for providing housing to the citizens of Ukraine.

The ministry has decided to appoint Vasyl Shkurakov has been appointed as UFHC's General Director. 

As we reported earlier, on December 11, the World Bank (WB) approved the allocation of a 300 million-dollar loan to Ukraine in order to help it overcome the consequences of the Covid-19 pandemic and provide social support to the population. 

Related: Lockdown losses: How are world economies dealing with downturn?

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