Kicillof urges private banks to increase mortgage loans

Economy Deputy Minister Axel Kicillof blasted the private financial system for “not thinking of the people’s needs,” and urged the banks to “join the National Government’s decision” to boost the mortgage loan market.

“Last year, the private financial system only granted 20 thousand mortgage loans. With the Procrear Programme we’ve granted 60 thousand this year,” he said.

Kicillof made these statements as he attended the year’s last PRO.CRE.AR lottery, in order to grant more housing credits to those who signed up for it.

The Deputy minister believes that the Government “should intervene the mortgage loan and production markets, since credit is one of the country’s pillars for growth.”

“That’s why we now hope the private financial system will join this initiative. Mortgage loans are a great business,” he stated.

“What we’re doing is part of a structural change. Mortgage credits are making a comeback in Argentine,” he concluded.