The International Bank of Azerbaijan (IBA) received proposal from the Black Sea Bank of Trade and Development (BSBTD) in regard to the mortgage crediting. The talks with BSBTD took place in February, however the final arrangement over the mechanism has not been reached yet, the IBA board chairman deputy Emil Mustafayev told Trend.
The first mortgage lending program has been introduced by BSBTD in Russia and the similar program is proposed by the bank in Azerbaijan.
The Black Sea bank plans t open the credit line for $ 3 million for15 years, the banks board chairman Samir Huseynov told Trend. Technikabank and IBA are agent banks of the Azerbaijan Mortgage Fund. Issuing of mortgage loans will start since 1 March.