Azerbaijan to expand list of mortgage products (exclusive)

Business Materials 4 November 2016 21:00 (UTC +04:00)

Baku, Azerbaijan, Nov. 4

By Azad Hasanli – Trend:

The Azerbaijan Mortgage Fund will expand the list of mortgage products, Angela Prigozhina, the World Bank (WB) private and financial development sector leader, told Trend Nov. 4.

“We continue to cooperate with our partners in Azerbaijan, including with the Azerbaijan Mortgage Fund, the Finance Ministry and the regulator [Financial Markets Supervision Chamber] in order to develop the market of mortgage financing,” she said.

Prigozhina added that the changed economic environment requires development of new products of the mortgage fund itself.

“In this regard, we will continue to work in the coming year to develop new products of the mortgage fund, strengthen the system of risk management, funding, as well as expansion of funding sources of the mortgage market,” she said.

Currently, the Azerbaijan Mortgage Fund offers two products: social and commercial mortgages, with the highest annual interest rates of 4 and 8 percent, respectively.