Black Sea Trade and Development Bank to Allocate Credit to Azerbaijani Mortgage Financing
Azerbaijan, Baku / Trend corr. I.Khalilova / The Black Sea Trade and Development Bank (BSTDB) is planning to allocate credit on mortgage financing to Azerbaijani share-commerce Texnika Bank in amount of $8mln, Samir Huseynov, the bank's manager, said.
The total number of the credit makes up $8mln. The bank will receive the credit in the first week of December.
BSTDB did not detail conditions concerning allocation of credit.
The mortgage portfolio of Texnika Bank is AZN 17mln. Texnika Bank allocates credits on 15 or 18% for three years term.
In compliance with the conditions of the Azerbaijani mortgage fund the maximum seize of mortgage credit should not exceed AZN 50,000, however, Texnika Bank is planning to allocate credits over AZN 100,000 at the expense of loan budget. Texnika Bank is financing 75% cost of dwelling and 25% at the expense of borrower.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. With an authorized capital of SDR 1 billion (approx. 1,325 billion US dollars), the Bank supports economic development and regional cooperation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries.