Azerbaijan, Baku /corr. Trend I.Khalilova / The Vice President of the Black Sea Bank for Trade and Development (BSBTD), Andrei Kondakov, will make a one-day visit to Baku on 6 December, a source stated at Azerbaijan's Ministry of Economic Development.
"As the BSBTD is financing projects in the private sector, the bank's goal is to hold meetings with banks to sign credit agreements," the Ministry reported.
BSBTD has launched financing in a new direction.
The Bank will allocate loans for mortgage financing to Texnikabank. The Deputy Manger of Texnikabank Khagani Guluzadeh said that an agreement has been reached with BSBTD. Under the new agreement BSBTD will allocate $8mln over a six year period instead of $6mln. The interest rate will be specified, but exceeds libor+3%.
Texnikabank is planning to start its own mortgage program with the loan. The maximum sum for loans will amount to $100,000. Under conditions of the Azerbaijani Mortgage Fund, the maximum sum for a mortgage credit must not exceed AZN 50,000 and the average mortgage is 6%.
Today Texnikabank's portfolio stands at AZN 11mln, and AZN 10.2mln was allocated by the Azerbaijani Mortgage Fund. Up to now the bank has issued 350 mortgage loans.