Azerbaijan, Baku, 27 May / corr Trend U.Ismayilova / The Azerbaijani Mortgage Fund (AMF) under the National Bank of Azerbaijan (NBA) was admitted to the International Union of House Financing (IUHF) in May, the AMF said.
"AMF's entrance to this organization will offer necessary facilities to improve its lending terms," the AMF said.
The AMF's membership at the IUHF is part of its plans of expanding the international partners list. Within the framework of the agreement experts of this international organization will visit Azerbaijan to estimate and study the real estate market in Azerbaijan, the AMF said.
The IUHF headquartered in London was established in 1914. The IUHF is a non-commercial public union targets spread of advanced experience and new technology in the sphere of house financing, as well as rendering comprehensive aid to professional real estate market. Currently, IUHF unites members from over 60 world countries.
The Azerbaijani Mortgage Fund at the National Bank stopped issue of mortgage lending due to shortcomings of the funds in summer 2007. In 2006, some AZN 25mln was allocated from the State Budget to the Fund, as well as AZN 20mln - in 2007. By the approved State Budget for 2008, AZN 35mln was allocated to finance the mortgage lending.
Earlier Samir Sharifov, Minister of Finance of Azerbaijan, stated the government will restore lending via the Azerbaijani Mortgage Fund in the second half of 2008 and will support banks continue the process
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