Chief executive of Azeri mortgage fund appointed

Business Materials 29 December 2005 20:43 (UTC +04:00)

The Board of Directors of the National Bank of Azerbaijan (NBA) appointed Faig Mammadov the chief executive of the Azerbaijani Mortgage Fund established under the NBA, Elman Rustamov, the chairman of the Board of NBA, said to a news conference on Thursday, Trend reports. Earlier Mammadov represented Azerbaijan in the international finance organizations.

According to Rustamov, the banking account of the registered fund was opened.

Besides, the structure and the regulations of the Azerbaijani Mortgage Fund were approved.

The fund will start function from 2006. The list of the banks to be involved in granting of mortgage loans was approved. Rustamov refused from publicizing of their names, as the agreements had not been signed yet. The draft general agreement has been drawn up and consultant of the USAID is expected to arrive on 15 January to unify the document. The names of the banks are supposed to be publicized in late January. 15 banks and one non-bank organization were chosen as agent banks of AMF.

The fund has 130bn manats allocated from the public budget of 2005-2006. “Around 1000 mortgage loans are planned to be grant during 2006,” Mammadov told Trend. He supposed that the population will show great interest to the issue. Besides, the fund will attract additional finance after setting of the work. The regulations of the fund envisage attraction of budgetary fund, grants and loans. The fund is also eligible to carry out emission of securities and use interest rate for the further allocation of loans.