{"id":2252,"date":"2008-04-18T10:52:03","date_gmt":"2008-04-18T06:52:03","guid":{"rendered":"http:\/\/geoeconomics.ge\/en\/?p=2252"},"modified":"2013-03-18T10:53:41","modified_gmt":"2013-03-18T06:53:41","slug":"usaid-developing-a-strong-primary-mortgage-market-in-georgia","status":"publish","type":"post","link":"http:\/\/geoeconomics.ge\/en\/?p=2252","title":{"rendered":"USAID developing a strong primary mortgage market in Georgia"},"content":{"rendered":"<p><strong>FROM THE REDACTION<\/strong><\/p>\n<p>The Small and Medium Enterprises (SME) Support Project, supported by USAID, held a workshop on \u2018Minimum Quality Standards for Mortgage Lending\u2019 (MQS) at the Marriott Courtyard in Tbilisi on April 22. <!--more--><\/p>\n<p>      The USAID\u2019s SME Support Project is designed to support the growth and development of small and medium-sized enterprises in Georgia, as well as to improve the business climate. The project has developed a manual on minimum quality standards for mortgage lending. The manual was developed at the request of Georgian lenders interested in pursuing international standards in mortgage lending, and ultimately concerned with being able to sell their mortgage loans into the secondary market. Understanding Georgian market needs, the European Bank for Reconstruction and Development lent their support to this endeavor.<br \/>\n      According to Robert Wilson, Mission Director for USAID Caucasus, the strength and stability of the banking system is vital for the sustainable development of the country. \u201cCurrently, it is one of the most developed sectors of the economy and continues to advance, bringing in new products and services. Consequently, the development of mortgage lending in Georgia has become one of the important agenda items requiring assistance in an urgent way,\u201d said Wilson.<br \/>\n      A consultant to the SME Support Project, Victoria Stefaniuk, developed the guide manual to provide valuable insight for Georgian banks, microfinance institutions, and other lenders, on how to structure their mortgage lending activities to meet international standards. In addition, building a strong primary mortgage market in Georgia will allow further development of a secondary market to become available to lenders.<br \/>\n      The main function of MQS lies in setting standards in all areas of the mortgage lending process, which comprises loan origination, servicing and risk management. Standards serve to prepare the mortgage loan portfolio so that banks have in place the necessary infrastructure for the issuance of mortgage-backed securities.<br \/>\n      As Dan A. Berkshire, SME Support Project\u2019s Chief explained, most commercial banks do not have access to cheap long-term funds, which is a major driver of the interest rates on loans, therefore part of the solution lies in further development of mortgage lending in Georgia. \u201cWith the proper legal and economic environment, standardization of the mortgage market and access to credit will progress considerably. Obtaining cheaper funds or refinancing through selling related mortgage securities on the capital market will advance the process,\u201d Berkshire remarked.<br \/>\n      It is of note that in order to address market imperfections and meet demand for SME financing, the SME Support Project implemented by the International Executive Service Corps( IESC) project fosters a continuous dialogue with the National Bank of Georgia, private sector commercial banks and other financial institutions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FROM THE REDACTION The Small and Medium Enterprises (SME) Support Project, supported by USAID, held a workshop on \u2018Minimum Quality<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USAID developing a strong primary mortgage market in Georgia - Geoeconomics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/geoeconomics.ge\/en\/?p=2252\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"USAID developing a strong primary mortgage market in Georgia - Geoeconomics\" \/>\n<meta name=\"twitter:description\" content=\"FROM THE REDACTION The Small and Medium Enterprises (SME) Support Project, supported by USAID, held a workshop on \u2018Minimum Quality\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"http:\/\/geoeconomics.ge\/en\/#website\",\"url\":\"http:\/\/geoeconomics.ge\/en\/\",\"name\":\"Geoeconomics\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"http:\/\/geoeconomics.ge\/en\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/geoeconomics.ge\/en\/?p=2252#webpage\",\"url\":\"http:\/\/geoeconomics.ge\/en\/?p=2252\",\"name\":\"USAID developing a strong primary mortgage market in Georgia - Geoeconomics\",\"isPartOf\":{\"@id\":\"http:\/\/geoeconomics.ge\/en\/#website\"},\"datePublished\":\"2008-04-18T06:52:03+00:00\",\"dateModified\":\"2013-03-18T06:53:41+00:00\",\"author\":{\"@id\":\"http:\/\/geoeconomics.ge\/en\/#\/schema\/person\/c8498c0ae03a66c87b59761fbd19b04c\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\/\/geoeconomics.ge\/en\/?p=2252\"]}]},{\"@type\":\"Person\",\"@id\":\"http:\/\/geoeconomics.ge\/en\/#\/schema\/person\/c8498c0ae03a66c87b59761fbd19b04c\",\"name\":\"Admin\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"http:\/\/geoeconomics.ge\/en\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"http:\/\/2.gravatar.com\/avatar\/bf2d8703d729f003d8905b57fcab5078?s=96&d=mm&r=g\",\"caption\":\"Admin\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/posts\/2252"}],"collection":[{"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2252"}],"version-history":[{"count":1,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/posts\/2252\/revisions"}],"predecessor-version":[{"id":2253,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/posts\/2252\/revisions\/2253"}],"wp:attachment":[{"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2252"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}