Azerbaijan to establish movable property registry
Azerbaijan, Baku, June 24 / Trend N.Ismayilova /
A movable property registry will be created under the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project (ACAFI) implemented by the International Finance Corporation (IFC), Project Coordinator in Azerbaijan Teymur Heybatov
"The registry will include information on all kinds of movable property except that which already is registered, such as cars, and various types of equipment," Heybatov said.
He said a bill on movable property was developed with a USAID support in 2008.
The IFC has agreed to resume work and commence negotiations with the Economic Development Ministry and the Central Bank of Azerbaijan to promote the bill and its enactment.
"It is assumed that such a registry would improve the analysis in lending at financial institutions, as well as positively impact leasing activities," he said.
Heybatov added that it is also necessary to determine which state agency will operate the registry.
Different practices are used in the world and registries operate under the Central Bank, Finance Ministry and the immovable property registry.
"All information will be processed on-line and according to the practice of other countries, the services of this register are usually free," he said.
The ACAFI aims to strengthen financial market infrastructure in Azerbaijan, Kyrgyzstan, Tajikistan, and Uzbekistan by developing effective credit information sharing between financial institutions and introducing formal risk education and certification for financial