Kuala Lumpur, 25 August 2023 – Cagamas Berhad (“Cagamas”/ “the Company”), the National Mortgage Corporation of Malaysia will collaborate with Mortgage Refinancing Company of Uzbekistan (UzMRC) for the exchange of knowledge and experience in developing viable housing finance models including for the affordable housing market for the growth of secondary mortgage finance market in Uzbekistan.
The Memorandum of Understanding (“MoU”) was inked by Cagamas’ President/ Chief Executive Officer, Datuk Chung Chee Leong and its Uzbekistan counterpart, UzMRC Chief Executive Officer/Managing Director, Mr. Murodjon Farmanov. The signing ceremony was witnessed by Cagamas Chairman, Dato’ Bakarudin Ishak and the Deputy Minister of Economy and Finance of The Republic of Uzbekistan, His Excellency Mr. Adiz Boboev.
This MoU enables Cagamas to share its wealth of experience in housing finance and capital market instruments to be mutually exchanged between Malaysia and Uzbekistan. The implementation of the MoU is also aimed at paving the way for greater collaboration as well as enhancing interlinkages in areas of mutual interest between both countries,” said Datuk Chung.
He further added, “Supporting newly established secondary mortgage corporations through our common membership in the International Secondary Mortgage Market Association (ISMMA) exemplifies the cooperation and synergistic efforts of its member countries to achieve a mutual objective, which is to enhance the stability of the housing finance and mortgage markets.
The Cagamas model is well regarded by the World Bank as the most successful secondary mortgage liquidity facility and Cagamas is the second largest issuer of debt instruments after the Government of Malaysia and the largest issuer of AAA corporate bonds and sukuk in the market.