Azerbaijan, Baku, Sept. 3 / Trend , I.Khalilova/
The Azerbaijan Mortgage Fund under the Central Bank has increased the limit on mortgage financing for the OJSC Texnika Bank by a one million manat, making it four million, the bank's chairman, Samir Huseynov, said on Sept. 3.
"Since the early resumption of mortgage lending by the AMF in Azerbaijan in June 2009, we changed the limits for Texnika Bank," said Huseynov.
At present, taking into account their mortgage programs, the mortgage portfolio is 40 million manat. $8 million of this amount has been provided by a loan from the Black Sea Trade and Development Bank, 12 million manat from the bank's own expenses, and others have been given through the Mortgage Fund.
In total, according to Huseynov, the AMF has issued 450 loans since the beginning of mortgage lending in the country.
The total mortgage portfolio is planned to come to 55 million manat by late 2009 and to 75 million manat over the whole year. This will enable Texnika Bank to make its mortgage portfolio secure, said the head of the bank.
Huseynov said Texnika Bank is also holding talks to raise additional financial resources alone, because the situation on the global capital markets has improved. The bank drew its first loan from the Black Sea Bank for six years at an interest rate - libor +3 per cent in 2007.
On Sept. 3, the official exchange rate is 0.804 manat to $1.
Do you have any feedback? Contact our journalist at: [email protected]