The International Financial Corporation (IFC) introduced the National Bank of Azerbaijan the action plan for housing financing system creation in Azerbaijan. Ulugbek Tilayev, deputy manager of IFC technical assistance program for Central Asian countries (Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan) told Trend the plan was based on IFCs experience in other countries. He also suggested key problems in Central Asian countries are all the same.
IFC offers improving regulatory environment, boosting institutional potential, passing to complete governmental housing policy. To stimulate effective demand in mortgage market, Tilayev said, it is necessary to develop the regulatory in the field of secondary mortgage crediting market, which calls for some fairness and transparency in the economy. The development of related legislation will create conditions for quality and affordable housing in the market and provide social stability, IFC representative said.
Governmental housing crediting policy calls for approving documents package for construction stimulation. IFC offers implementing mechanisms of governmental support to poor groups of population regarding provision with housing and so on.