IFC working group amends Azerbaijani national standards to assess property
Azerbaijan, Baku, March 11 / Trend , U.Ismayilova/
The International Finance Corporation (IFC) working group on appraisal development offered proposals to amend national standards in the sector, Russian Appraisal Society (RAS) First Vice President Igor Artemenkov said on March 11. Artemenkov is a member of the IFC working group.
"Proposals were developed in line with amendments to international standards of property appraisal," Artemenkov said.
The standards have been translated into Azerbaijani and will be adopted in 2009, he said.
The IFC encourages developing appraisal activity in Azerbaijan as part of a mortgage market development program in Azerbaijan and Central Asia.
The Law on Appraisal Activity which was adopted in 1995 regulates appraisal activity in Azerbaijan.
The Azerbaijan Appraisal Society is designing amendments to the law.
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