Azerbaijan, Baku /corr. Trend U.Ismaylova / The Azerbaijan Mortgage Fund (AMF) will re-establish its activity in 2008, said the AMF Executive Director, Faik Mammadov, on 21 November at a Caspian Integration and Business Club (CIBC) meeting.
According to him, the Fund will only give preferential social mortgage loans. The 2006 Public budget allocated AZN 26mln and in 2007 - AZN 20mln. According to the draft law on the 2008 Public budget, AZN 35mln will be allocated to the Mortgage Fund.
The AMF is holding talks with international financial institutions, including the European Bank for Reconstruction, Asian Development Bank, International Monetary Fund and will sign a memorandum of understanding to attract finance in the near future.
"Talks with international financial institutions showed that the investment funds of the Near East, Europe and the USA are interested in financing the AMF," Mammadov said.
The AMF devised a 2008-2010 strategic development plan which envisages establishing a mortgage fund in the re-sale market.
Until terminating its activity in June 2007, the AMF financed nearly 1,800 loans in the amount of AZN 67.8mln. The portfolio of the Fund amounts to AZN 38mln.