Azerbaijan, Baku, Aug.25 / Trend, N. Ismayilova /
Two more banks have become authorized agents of the Azerbaijan Mortgage Fund (AMF) under the Central Bank, the Fund reported.
According to the report, the Caucuses Development Bank and NBC Bank have become AMF agents. Thus, the number of AMF agent banks hit 26.
JSC "Caucuses Development Bank" was founded on April 23, 1996 to address issues of accelerating socio-economic development of the Caucasian countries with assistance of enterprises, banks, organizations, and citizens of Azerbaijan, USA, Germany, Russia and Georgia.
NBC Bank was established in December 1992.
AMF was established as a PSE in September 2005 in Azerbaijan by presidential decree. Its charter was approved by a separate presidential decree in December 2005. AMF's main purpose is to create funding mechanisms which would endorse home ownership to Azerbaijani citizens through long-term financing. It also aims to draw domestic and foreign investment toward mortgage financing.
At present, AMF's authorized agents are 26 banks, 19 insurance companies and 13 appraisal organizations.