Azerbaijan, Baku, 21 August / Trend corr. I.Khalilova / Azerdemiryolbank plans to bring its mortgage portfolio to $12mln by mid 2009, Roman Amirjanov, chairman of the bank board, said. So far, the bank has allocated AZN2mln mortgage credits through the Azerbaijani Mortgage Fund line.
At present, bank has developed own mortgage program. The program is expected to be launched by familiarizing the credits of the International Financial Corporation (IFC). Corporation has allocated $5mln credits to bank for housing financing. Azerdemiryolbank plans to attract more $5mln by mid 2009.
"Increase of the mortgage portfolio will depend on the world market state, as foreign investors take careful approach to investing," Amirjanov said.
IFC has allocated credit resources to support the mortgage program for seven years period.
Within the IFC- Housing Finance mortgage program, which envisages providing long standing mortgage financing, the consultation service became the second transaction. The first credit $15mln was allocated to UniBank for seven years term in March 2008.
At present, the Azerbaijani mortgage market comprises $150mln. Most banks finance housing purchase at their own expenses or attracted foreign capitals after suspicious of credit issue through the AMF in summer 2007.
On 20 August, the official currency rate was 0,8138 AZN/USD.
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