Press Releases

Us Trade And Development Agency Supports Mortgage Lending Program To Increase Home Ownership In Turkey

March 8, 2005, Ankara

March 8, 2005, Ankara – On March 4, 2005, the U.S. Trade and Development Agency (USTDA) awarded a $198,140 grant to Ordu Yardimlasma Kurumu (OYAK), Turkey’s largest private pension fund, to fund the second phase of technical assistance in the development of a mortgage lending system in Turkey. Fannie Mae, the U.S. contractor that carried out the first phase of technical assistance, which was similarly funded by a USTDA grant, will also provide the second phase of technical assistance.

The grant was conferred during a signing ceremony at the U.S. Embassy in Ankara. Ms. Jennifer Snyder, USTDA Manager for Europe and Eurasia Business Development, and Dr. M. Aydin Muderrisoglu, OYAK Executive Vice President for New Business Development, signed the grant agreement on behalf of the U.S. Government and OYAK, respectively.

OYAK is working on developing a mortgage lending system for its membership and eventually all of Turkey. he mortgage lending program would enable more people to buy houses with lower interest rates and longer-term loans than are currently available in Turkey. In turn, the program will increase the demand for housing construction and building materials in Turkey, which will help to employ more people and increase business for construction material providers