Azerbaijan, Baku, Nov. 2 / Trend M.Aliyev /
None of Azerbaijani construction companies is interested in the sport and youth ministry's proposal to build a youth camp, Sport and Youth Minister Azad Rahimov said on Nov.2.
"Under the ministry's conditions, a construction company was to provide 25-30 percent of new apartments in a youth camp," Rahimov said.
According to Rahimov, currently the Azerbaijani youth can improve its living conditions only through the Azerbaijan Mortgage Fund - the social mortgage.
In 2008, Azerbaijan allocated social mortgage worth 3 million manat. The procedure for obtaining social mortgage was simplified in the country and 50,000 manat is quite enough for a young family to purchase one-or two-room apartment, Rahimov said.
The 2009 public budget has allocated 14.5 million manat to finance the social mortgage. The commercial banks issue loans with interest rates from 8 percent (under the AMF standard) to 18-20 percent, for 10-25 years. The AMF has 17 banks-agents. The maximum size of loans received by the AMF is 50,000 manat for a period from 3 to 25 years.
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