KfW to Launch Pilot Phase of Real Property Registration Project in Azerbaijan

Business Materials 28 August 2008 13:41 (UTC +04:00)

Azerbaijan, Baku, 28 August / Trend corr. I.Khalilova / The German development bank -KfW agreed with the Azerbaijani Government to implement the pilot phase of the project to establish one real property and cadastre registration system, Natik Abdullayev, Head of KfW Baku office reported.

"The German Government is ready to allocate additional grant to launch project's preparatory phase. Grant's sum has not been announced. Bank has already appealed to Germany to allocate the funds," Abdullayev said.

According to Abdullayev, the pilot phase envisages to hold systematic cadastre account in Ganja and Shaki Cities to register lands, plots and real property. The exact data on the geodesic research ground will be injected into cadastre map. It is expected to be implemented within six or eight months. Later, implementation of the main project is expected to be implemented and KfW is ready to allocate privilege credit € 2.5mln and grant €1mln for institutionalization beneficiary.

In January, bank signed a protocol on mutual understanding with the State Property Register Service.

KfW project to register real property will differ from the similar project of the World Bank, which has already been launched by geodesic research and specification of all land plots and real estates. Under the WB project, registration will cover 40% Azerbaijani territory. WB project's cost is $38.57mln and $30mnl makes up bank's credit.

KfW needs 30 months to implement the project.

On 27 August, the official currency rate was 0,8137 AZN/USD.

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