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Title: P1253814486gNcbO
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Cafesjian Family Foundation and Cascade
Capital Holdings CJSC AIPRG Tsakedzor 29th May
2005
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Cafesjian Family Foundation
- Mission
- Promote the well being of Armenians
- Foster economic development and western-oriented
values in Armenia.
- A United States non-profit, tax exempt, 501(c)3
organization - Significant financial resources
- Leading investor and donor in Armenia
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Cafesjian Family Foundation
- Program Investments
- Armenian Genocide Museum in Washington D.C., USA
- Gerard L. Cafesjian Museum of Modern Art in
Yerevan, Armenia - CS Media Group Armenia TV, Supersystems
- Renewable Energy H2Economy, Hydro, Wind, Solar
- Financial Sector Cascade Capital Holdings and
Affiliates
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Cafesjian Family Foundation
Grant Recipients include American University of
Armenia Armenian General Benevolent
Union Armenian Assembly of America Armenia Tree
Project Orran Benevolent NGO Armenia Fund
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CCH logo
- Established in 2004
- Create and manage commercial financial companies
- Facilitate investment into Armenia and the
Caucasus - Improve trust, service and innovation across the
sector - Introduce a comprehensive, integrated product
range - Become a regional financial market leader
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- Cascade Investments Private and corporate wealth
management - Asset and Fund management strong portfolio of
investment opportunities, including access to
western markets. - Cascade Credit supporting Armenian exports and
import substitution, through trade finance,
leasing and factoring. - Cascade Insurance Offers comprehensive Life and
Non Life coverage to retail and corporate
clients. The first domestic reinsurer in Armenia - Cascade Bank Development of a full service
retail and corporate Bank - Positions Cascade Capital as a fully integrated
financial one stop shop
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CCH logo
International Financial Institutions
- USAID Technical Assistance to Cascade Credit
- DCA United States Treasury guarantee for debt
securities - EBRD Equity share in Cascade Insurance
- Equity share in Cascade Bank?
- World Bank / EBRD / CFF Partners in alternative
energy - World Bank / CFF Partners in EIF
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Mortgages
- Growth in past three years
- Repossession under Civil Code and Bankruptcy Law
- More lenders
- Improved risk assessment
- GTB 1999 65, 2005 5
- Therefore lenders need to lend to the private
sector.
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Mortgages
- Market profile
- Distorted by high end focus and vertical spikes.
- Artificial pressure to maintain inflated prices.
- High end more vulnerable to housing market
fluctuation
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Mortgages
- Target horizontal portfolio spread.
- Emerging domestic middle class
- Improves risk
- Quantitative and Qualitative
- Greater portfolio spread better stats better
risk assessment. - Yerevan and the regions
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Mortgages
- Client base
- Job security and provable (legal) income
- Family income 1000 / month
- More start up businesses
- More domestic companies prepared to invest in
quality - Increasing management awareness and sophistication
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Mortgage Profile
- Value 600 m2 x 50-150 m2 apartments
- Loan 30k
- Loan 70 of value
- Period 7 years
- Annual rate 14 (US), 15 (AMD)
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Mortgages
- Cascade and mortgage backed securities
- Start with DCA then introduce MBS-in series or
parallel - Virtuous circle
- Lend, securitize portfolio, recycle funds and
re-lend.
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Future steps
- Target Extend period and reduce cost
- With more IFI loc and guarantees, we could go 15
years. - Securitize at 3 reduce mortgage rate to 5 for
20 years. - Encourage professional approach
- Trade Associations-encourage thresholds and self
regulation
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Future steps
- Improve legal environment for easier repossession
- Loan agreement accepted as collateral
- Loan register agency
- Enlightened regulation
- Electronic e-governance for Cadastre
- Improved notary service
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Future steps
- Validate electronic exchange move away from
paper and seals - Securitization (MBS) requires a standard lending
product - Issue Civil Code friendly bonds
- Introduce Title insurance
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- Cutting edge, innovation.
- Regional leader
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