International  Financial Corporation to Allocate Loans to Finance Dwelling in Azerbaijan

Business Materials 6 September 2008 17:05 (UTC +04:00)

Azerbaijan, Baku, 6 September / Trend corr. I.Khalilova / "International Financial Corporation (IFC) is prepared to allocate loans to two Azerbaijani banks to finance dwelling until the end of 2008," Aliya Azimova, IFC representative in Azerbaijan, said.

The first loan was allocated by Unibank in the sum of $15mln and $5mln by Azerdemiryolbank. These funds are allocated within the Housing Finance program and directed to develop the mortgage crediting in Azerbaijan. The Housing Finance program includes long standing mortgage financing and consultation services.

"IFC is prepared to allocate $30 or $35mln to financing dwelling in Azerbaijan," Azimova said. Initially, IFC will carry out preliminary valuation of operations in banks. Consultation services are rendered to banks within the IFC project to assist to develop mortgage crediting in Central Asia and Azerbaijan with $3.2mln budget.

The correspondent can be contacted at: [email protected]