Azerbaijan, Baku, 21 April / corr. Trend U. Ismayilova/ The Mortgage Fund of Azerbaijan (MFA) under the National Bank of Azerbaijan has increased its number of agents, the Fund said on 21 April.
Az Sigorta and the assessment company Lider-Service-S became new agents of the Fund," MFA said.
The Mortgage Fund of Azerbaijan, founded in March 2006, ceased financing of credits in summer 2007 due to lack of resources. In 2006, the state budget allocated AZN 25mln and AZN 20mln in 2007 for mortgage lending. Some AZN 34mln was allocated from the state budget for 2008. The Fund has not restored mortgage lending as yet.
Elman Rustamov, the chairman of Board of Directors of National Bank of Azerbaijan said earlier that MFA will restore mortgage lending in 2008. The Fund will finance only social lending.
The agents of the Fund include 13 assessment companies, 11 insurance companies, 22 credit organizations and 1 broker company of Azerbaijan.