Azerbaijan, Baku, 25 January /corr. Trend I.Khalilova / The International Finance Corporation (IFC) will provide technical assistance to the National Bank of Azerbaijan in devising a new law draft on securitization in Azerbaijan, said the financial analyst of IFC Project for Initial Mortgage Crediting Market in Central Asia, Azer Aliyev. Currently a consultant is being selected for the NBA.
Within the project, assistance is already been provided to Azerbaijan Mortgage Fund (AMF) of National Bank of Azerbaijan in devising a new mortgage crediting system and a program on securitization in Azerbaijan, said the Head of IFC Project for Initial Mortgage Crediting Market in Central Asia, Santiago Ruiz-Morales.
Currently the AMF applies subsided mortgages which limit mortgage financing. The Fund needs to introduce commercial mortgage crediting to expand the opportunities and attract additional finances.
Amongst five countries named in the IFC project, currently Kazakhstan has mostly advanced in the mortgage crediting. The mortgage credits in Azerbaijan are being given via AMF, but gradually the banks begin to realize own mortgage programs.
Azerbaijani banks' giving mortgage credits via the method of securitization will be possible after adoption of a program and law at.
The measures to improve the legislation and increase the institutional potential of AMF are being implemented within the 2nd stage of IFC technical assistance program. The project is financed by the State Secretariat for Economic Affairs.