Azerbaijan, KfW Postponed Signing of Credit Agreement

Azerbaijan, Baku, 9 June / Trend corr U. Ismayilova/ "The Azerbaijani Government and German Development Bank KfW have postponed signing of a credit agreement to introduce a unified real estate registration system from May to the end of June," Arif Garashov, head of Azerbaijan State Real Estate Registration, said on 6 June.

"Delay in signing of the agreement results from specification of the project details," he said.

The project envisages systematic cadastre registration in Ganja and Sheki to introduce registration of land and real estate. Precise coordinates established by geophysical research will be put on the cadastre map.

Implementation of the main stage of the project requires 30 months. KfW is ready to allocate a soft credit of 2.5mln euro to establish a cadastre and a grant of 1mln euro to institutionalize the beneficiary.

The Azerbaijani Government and WB had signed an agreement to jointly introduce a single cadastre real estate system in July 2007. The project comprises of 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 estimated at $38.57mln, with a $30mln WB share. Credit resources were allocated for a term of 20 years with privileged 5 years.

The correspondent can be contacted at [email protected]

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