International Financial Corporation to Update Cooperation Arrangement with Azerbaijani Mortgage Fund
Azerbaijan, Baku, 5 April / Trend corr. I.Khalilova / International Financial Corporation (IFC) is continuing consultations with the Azerbaijani Mortgage Fund (AMF), acting at the National Bank of Azerbaijan (NBA), about further directions of cooperation, Yelena Klepikova, the chief of IFC technical assistance program in CIS, stated. Yelena came to Baku within the delegation headed by Declan Daff, IFC Vice President.
The cooperation arrangements between AMF and IFC are renewed as a result of changes in the Fund.
"We hope that the cooperation with the Fund will go on a new phase," Klepikova stated.
IFC is to pay more attention on development of standards to assess real estate. Therefore, Corporation is planning to hold workshop and invite interested sides. The target of the workshop is the assessment to be held in accordance with standards accepted by investors.
Furthermore, Corporation is planning to pay a special attention on borrowers and develop materials to explain the meaning of mortgage credits. So, IFC will focus activity on standardization of bank operations to make borrowers able to orient in the products rendered in the market and banks can trade portfolios.
Touching upon the further privatization of AMF, Klepikova said that IFC supports the possibility to draw west and local investors to form similar structures.
The evens to upgrade the legislation and increase of institutional potential of AMF is being held within the framework of the second phase of IFC technical assistance program. The project is financed by Corporation and State Secretariat for Economic Affairs (SECO). Although the project is a regional and covers the Central Asia and Azerbaijan, SECO is developed only for Azerbaijan..
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