World Bank Become Familiar with Implementing of Real Estate Registration Projects in Azerbaijan

Business Materials 24 April 2008 15:41 (UTC +04:00)

Azerbaijan, Baku, 24 April / Trend corr. U.Ismayilova / Representatives of the World Bank (WB) have become familiar with the implementation of the project 'Registration of Real Estate' in the State-run Real Estate Register Service of Azerbaijan, State Service reported on 24 April.

Arif Garashov, Head of State Service, and Gevin Adlington, the WB Coordinator on the project, have discussed the issues regarding accelerating the total completion of the work andintroducing conditions of the project during the meeting.

Foreign experts, uniting in the WB Delegation, gave recommendations to the State Service to accelerate the work in the sphere of 'Register of real estate'.

The Azerbaijani Government and WB signed an agreement on the joint introduction of one cadastre real estate system in July 2007. The project comprises four constituents, real estate registration, management and register of state property, base cartography and land cadastre, formation of policy and project management. The cost of the project is $38.57mln with a $30mln WB share. Credit resources were allocated for a term of 20 years through to privileged 5 years.

In January, the State-run Real Estate Register Service of Azerbaijan has signed a protocol with German KfW company on mutual understanding within the framework of creation of one real estate register system and cadastre. Thirty months are needed to implement the main phase of the project KfW. KfW expressed its readiness to allocate €2.5mlnmln to implement the cadastre of privileged credit and €1mln grant for beneficiary.

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