Azerbaijan, Baku / Trend corr. U.Ismaylova / The Azerbaijani Mortgage Fund will function at the expense of self-financing, Samir Sharifov, the Azerbaijani Finance Minister, said in the Parliament on 15 November.
"The Government did not consider allocation of annual funds when establishing the Fund," the Minister said.
According to the Minister, the Government considered financing of the social mortgage crediting. Taking into consideration the development of financial market of Azerbaijan the Mortgage Fund cannot draw funds for 20 years.
Azerbaijani Mortgage Fund was founded in 2006. The fund suspended functioning in summer 2007 due to lack of funds. During a year the Fund allocated 1,725 credits in amount of AZN 65mnl.