The National Bank of Azerbaijan (NBA) publicized the list of 15 banks which will be the agent banks of the Azerbaijan Mortgage Fund (AMF).
As Trend reports, these banks are: the International Bank of Azerbaijan (IBA), Azdemiryolbank, Azerigazbank, Atabank, Bank of Baku, Bank Standard, the Caucasus Bank of Development, Bank Respublica, Unibank, Capitalbank, Bank Nikoil, Technikabank, Turanbank and Halgbank.
The major criteria while selecting the bank were their assets, capital, range of services, including crediting operations processed under the housing mortgage.
The amount of 130 billion AZM, allocated from the state budget 2005-2006 are available at the disposal of the Azerbaijan Mortgage Fund. Under the presidential decree the limit per one borrower is up to 30,000 AZN.
About 1000 mortgage loans are expected to be issued during this year. Taking into consideration a large demand for mortgage credits in future, additional sources of funding are supposed to be involved after setting up the Funds operation. According to the Regulations of the Fund, along with the budgetary means, grants, loans may be also involved. The Fund is also authorized to emit securities and the interests from the loans will be also used for further financing.