WB restructures Real Estate Registration Project in Azerbaijan
Azerbaijan, Baku, Oct 23 /Trend J.Nasibova/
The World Bank (WB) conducted a restructuring of Registration of Real Estate Project, which is carried out in Azerbaijan, the WB Baku office told Trend.
A specific works, which were planned to carry out through the means of the WB, will be funded through the liberated funds allocated by the State as a stake in the project," the representative of the bank said.
These works also include the establishment of cadastral maps.
The project designed for 2008-2012, has been extended until 2014 as a result of restructuring.
World Bank provided a loan of $ 30 million for the implementation of the project, 16 million of which is provided to the State Committee for the implementation of activities in the field of cartography.
Azerbaijan has mastered 9.137 million of this loan of the World Bank.
Azerbaijani government and the World Bank (WB) signed an agreement on establishing a project of a single cadastre system of real estate property in July of 2007. The project consists of four components: registration of real estate property, management and registry of state property, basic cartography and land cadastre and training, formation of policy and project management.
The project cost amounts to $38.57 million, with $30 million falling to the share of the WB. Credit resources have contributed to the period of 20 years with a grace period of five years.