Switzerland allocates more funds for real estate registration in Azerbaijan

Business Materials 23 December 2011 13:07 (UTC +04:00)

Azerbaijan, Baku, Dec. 23 / Trend N.Ismayilova /

Switzerland's State Secretariat for Economic Affairs (SECO) increased funding for the project of real estate registration in Azerbaijan, SECO's Baku office told Trend Thursday.

The World Bank (WB) together with Azerbaijan's government is implementing this project.

SECO approved about $700,000 for consulting services under the WB project of registering real estate, SECO told.

The Azerbaijani government and the WB signed an agreement on the project of establishment of single inventory of real estate. The project consists of four elements: registration of real estate, management and register of state property, basic cartography and land registry; trainings, policy and project management.

The project cost is $38.57 million, $30 million of which is WB's loan. Loans are allocated for the period of 20 years with grace period of 5 years. SECO allocated $500,000 to implement the project.