Azerbaijan Mortgage Fund Gets Second Tranche to Refinance Earlier Issued Loans

Business Materials 7 November 2008 14:56 (UTC +04:00)

Azerbaijan, Baku, 7 November / Trend corr. U.Ismayilova / The Azerbaijan Mortgage Fund (AMF) at the National Bank of Azerbaijan has got AZN 11mln second tranche from the Ministry of Finance, the Fund said on 7 November.

The first tranche at AZN 10mln amount was transferred to the Fund in April. Totally, the Finance Ministry intends to allocate AZN 34mln to the AMF to refinance earlier issued mortgage loans.

Refinancing new issued mortgage loans of the AMF was cancelled on 20 September in 2007 for the lack of means. A total of 23 authorized banks of the fund have issued 1,800 loans at AZN 67.8mln amount since the beginning of the Fund's activity - in March 2006.

The public budget allocated AZN 46mln to the Fund in 2006 and 2007. Total mortgage portfolio of the Fund makes up AZN 260mln.

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