Today a meeting is held at the National Bank of Azerbaijan with the workgroup of the International Financial Corporation that has drawn the report В"Analysis of primary mortgage crediting market in AzerbaijanВ", said Rufat Aslanli, CEO, NBA.
The mortgage crediting market study in Central Asia was made within IFCs program В"Partnership in private sector developmentВ". Yesterday the Azerbaijan study was presented.
В"IFCs study was not introduced to NBA and we are unaware of its main componentsВ", said Aslanli.
NBAs official opined that the report contains a lot of uncertainties regarding underwriting and other procedures, which is normal as the estimation covers time lapse till the end of 2005, while mortgage crediting mechanism was launched in March 2006.
The study was made upon the completion of first phase of IFC technical assistance program for Central Asian countries (Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan). IFC initiated this program to create conditions for quality and affordable housing in the market and provide social stability.
The program is sponsored by Swiss Secretariat for Economic Relations and implemented within IFC-managed project В"Partnership in private sector developmentВ". By the totals of the program, the report has been drawn and the action plan offered on developing this market.