Azerbaijan, Baku, Dec. 15 / Trend, U.Ismayilova /
A complete automated control system for real estate in Azerbaijan will be implemented within 2-2.5 years within a joint project with the World Bank, Rustam Shahbazov, the deputy chairman of the Azerbaijani State Property Committee, said today.
"Preliminary work on the development of the system is underway," Shahbazov said.
He added that the country has recently improved its real estate registration system. The quality of the rendered services has improved, and transparency and efficiency has been ensured.
"Improving the system is seen to be the impetus for developing the economic and investment climate, and improving the country's economic system," Shahbazov said.
He stressed that the country has already established the legal basis for improving this system. It will be used in the future by the relevant executive authorities and business infrastructures.
The Azerbaijani government and WB signed an agreement on the joint introduction of a unified cadastre of real estate in July 2007. The project consists of four components - property registration, state property registration and management, base cartography and land cadastre, training, policy formation and project management.
The system will be automated in each registration office. The project will cover 21 offices of the State Real Estate Register Service and 60 offices of the Azerbaijani State Committee for Property Affairs.
The cost of the project is $38.57 million, with $30 million falling to WB loan. The remaining amount will be paid by the Azerbaijani government. The loan resources were allocated for 20 years under a five-year preferential period.