ARTICLE- GERMANY
Ministry for Reintegration of Temporarily Occupied Territories: Germany provides additional EUR 17 million for housing for IDPs
Iryna Vereshchuk, Deputy Prime Minister for
Ministry of Reintegration of the Temporarily Occupied Territories of Ukraine
07 December 2023 19:06
https://www.kmu.gov.ua/en/news/minreintehratsii-nimechchyna-nadaie-dodatkovi-17-milioniv-ievro-na-zhytlo-dlia-vpo
Today, on December 7, the Government of Ukraine, represented by the Ministry for Reintegration of the Temporarily Occupied Territories, the State Fund for Youth Housing and the German bank KfW signed an agreement to provide an additional EUR 17 million for preferential housing loans for internally displaced persons. These funds will be used to issue approximately 400 new concessional housing loans in 2024.
Iryna Vereshchuk, Deputy Prime Minister of Ukraine and Minister for Reintegration of the Temporarily Occupied Territories, thanked the German Government and KfW Bank for supporting Ukrainians in these difficult times: “Housing for internally displaced persons is a very urgent social issue. The project to provide preferential mortgages to IDPs has been operating for several years and has proved to be a success. I am deeply grateful to our German partners for continuing to fund this important project.”
“We are pleased to extend our cooperation with Ukraine in the area of preferential housing loans for Ukrainian internally displaced persons. The first part of this project, totaling EUR 25.5 million, was successfully implemented during 2021-2022. Together with our Ukrainian partners, we have seen immediately that this project has generated considerable interest. That is why today we have announced additional support of EUR 17 million. This grant is a part of the German-Ukrainian development cooperation, the total amount of which in 2023 alone was more than EUR 600 million,” said Tim Prange, Permanent Representative of the German Ambassador Extraordinary and Plenipotentiary to Ukraine.
Supporting Ukrainians in times of war is an absolute priority for KfW Bank, so the institution will further stand by Ukraine and its citizens, said Lorenz Gessner, Director of the local office of the KfW in Ukraine: “As a result of the war, many Ukrainian citizens were forced to leave their homes and become internally displaced. For the majority of them, housing is the most important issue, so we remain ready to support Ukraine and its people with additional grant funds provided by the German Government.”
VIDEO - Russian Economy
RUSSIAN Economy Faces Property Crisis as Leverage Rises, Affordability Falls & Rates Soar
Joe Blogs
335K subscribers
12-7-2023 6:00 a.m. EST
22:18 Minutes
https://www.youtube.com/watch?v=XLNEGGyNqhw
Growth in RUSSIA’s Economy has been partially fueled by a rising Property Market as low cost PREFERENTIAL Mortgages have enabled Russians to buy New Build Property at a low cost. The rapid increase in the volume of mortgages over the past few years has resulted in a rapid increase in prices and there is now a 42% differential between New Build Prices and Secondary Housing Prices.
The recent rise in Interest Rates has resulted in mortgage rates DOUBLING and the PROPERTY BUBBLE is now at risk of BURSTING. In this video I look at what has been happening in the market and discuss the potential risks for Russia.
Chapters:
0:00 Intro
3:08 PREFERENTIAL MORTGAGES
5:24 LTV RATIO
8:40 DSTI RATIO
10:40 BANK OF RUSSIA
11:58 PROPERTY PRICES
15:02 INTEREST RATES
16:32 SUMMARY & CONCLUSION