Major Azerbaijani bank sends over $18 mln to mortgages in 2011
Azerbaijan, Baku, Feb.20 / Trend, N. Ismayilova /
The International Bank of Azerbaijan (IBA) has issued loans totaling 381.264 million manat to physical entities as of Jan. 1, the bank said on Monday.
In 2011, the bank issued 7 million manat in the form of micro-loans for the development and expansion of small businesses and farms in the regions.
"Also, the IBA attached great importance to mortgage lending development," the bank said.
If the bank financed loans worth 6.6 million manat via the Azerbaijani Mortgage Fund, then under the IBA mortgage program, 7.6 million manat was sent to finance housing purchases.
The official exchange rate is 0.7863 manat to $1 on Feb.20.