Seco Postpones Financing of Azerbaijani Mortgage Market to 2010
Azerbaijan, Baku / Trend corr I. Khalilova / The Swiss State Secretariat for Economic Affairs (Seco) has suspended considering the issue on technical support to Azerbaijani mortgage market within the framework of the International Financial Organization's project, Seco representative in Azerbaijan Thomas Mayer reported on 14 November.
"The State Secretariat considered the issue, but Seco shows most activity in two projects - development of corporate governing and business environment in Azerbaijan," Mayer said.
According to Mayer, in two years Seco will be able again to return to considering and analyzing the possibilities of mortgage crediting financing, and then a final decision will be made.
"The issues regarding financial assistance are resolved in complex, and therefore require serious analysis. We have to first make sure that Azerbaijan is in fact an efficient mortgage market," Mayer said. It is not necessary to have a large mortgage market to begin the project, but minimal political conditions have to be met. And lack of such conditions makes Seco to delay financing of mortgage project in Azerbaijan, he said.
Seco's decision to suspend crediting was also caused by a mortgage crisis in the United States, which covered many financial markets.