Azerbaijan, Baku, 18 January / Trend corr. U.Ismaylova / A new executive director of the Azerbaijani Mortgage Fund has been appointed by the decision of the Azerbaijani National Bank (NBA) on 17 January.
Fahri Kazimov, the former advisor of NBA management, was appointed as the new executive director. Kazimov replaced Faik Mammadov.
NBA did not comment on the reason for the replacement of the executive director.
The Azerbaijani Mortgage Fund was established in 2006, and stopped functioning in the summer 2007 due to lack of funds.
About AZN 25mln was allocated from the State budget to the fund in 2006 and AZN 20mln in 2007. Around AZN 35mln was allocated from the State budget of 2008 to finance the Mortgage Fund.