Ilham Aliyev, the Azerbaijani President, signed a decree on establishment of the mortgage crediting on Friday. The decree was developed in order to improve the housing conditions of the population, bring the purchasing capacity in correspondence with the real demand, as well as the mortgage crediting of local and foreign investors.
In accordance with the decree, the Mortgage Fund is established in the National Bank of Azerbaijan.
The National bank of Azerbaijan is charged in the designing and the submitting of the project on rules of credit extension by the Mortgage Fund to the President in a month term, the development of proposals on issuing of mortgage bonds and provision of different social layers with mortgage
credits.
The Azerbaijani Finance Ministry is charged in the taking into consideration the allotment of funds to the Mortgage Fund in the draft public budget for 2006 and next years, as well as taking appropriate measures on the improvement of the insurance system to develop the mortgage crediting.
The Cabinet of Ministries is charged in the taking of the necessary measures to provide the Mortgage Fund with building.