IFC ready to approve technical assistance to mortgaging in Azerbaijan

Business Materials 21 December 2005 20:28 (UTC +04:00)

The International Finance Corporation (IFC) and donors are ready to approve the technical assistance project, Primary Mortgage Market Development Project (PMMDP), targeted at Azerbaijan and 4 Central Asian states (without Turkmenistan). The IFC Board of Directors and donors may approve PMMDP in January, the IFC spokeswoman Aliya Nuriyeva told Trend.

"The budget and the terms for the project implementation will be identified by approving.

As expected, the technical project will be funded by the State Secretariat on foreign ties of Switzerland (SECO). The project’s second (technical) phase may be designed for 2-3 years. Within the accomplishment of the first (assessment) phase activities of the Azerbaijan’s Mortgage Fund under the National Bank of Azerbaijan (NBA) was under study in the field of the mortgage of banks, assessors, insurance companies.

NBA announced on the completion of the Fund’s operational rules and the mortgage lending development program. Nevertheless, they are not yet approved by the government.