Real Estate Register Service of Azerbaijan to Realize Joint Project with German KfW

Business Materials 13 September 2008 13:25 (UTC +04:00)

Azerbaijan, Baku, 13 September/ Trend , U. Ismayilova/ State Real Estate Register Service of Azerbaijan will begin realizing a joint project on unified system of registration of real estate together with KfW- German bank of development at the end of September, Arif Garashov, head of the State Real Estate Register Service of Azerbaijan said.

"At present, the sides are solving administrative issues to realize the project," Garashov said.

The Azerbaijani Government and German Development bank KfW signed memorandum of understanding to allot a loan and to introduce unified system of registration of real estate in mid-June.

The project envisages holding systematic cadastre account in Azerbaijan's cities of Ganja and Sheki to register their lands and real estates. Their exact coordinates will be included in the cadastre map, on the basis of geodesic investigations.

Thirty months are needed to implement the main phase of the project KfW. KfW expressed its readiness to allocate €2.5mlnmln to implement the cadastre of privileged credit and €1mln grant for beneficiary.

The Azerbaijani Government and WB signed an agreement on the joint introduction of one cadastre real estate system in July 2007. The project comprises 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 $38.57mln with a $30mln WB share. Credit resources were allocated for a term of 20 years through to privileged 5 years.

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