Azerbaijan National Bank (ANB) is preparing to submit to the International Finance Corporation (IFC) the commentary regarding the regional reports Analysis of the initial market of mortgage housing crediting in Azerbaijan, the Director General of ANB Rufat Aslanli told Trend. Its presentation was held in Baku on 27 July 2006.
The assessment of IFC experts based on the data for the end of 2005 when there wasn't mortgage mechanism in Azerbaijan and the key documents weren't confirmed, Aslanli stressed.
The basic initiatives for developing mortgage mechanism and the database, on which the experts based, were launched from 2006, and the assessment of the juridical base should be made in accordance with new one, the Director General considers.
We hope that all innovations in the market of mortgage crediting will find its reflection in the assessment within the project. We want to realize the process in co-operation with IFC, Aslanli underlined.
The mechanism and tools have been functioning for 6 months. It is clear that they should be upgraded gradually, and then the mechanism will work more long-term base, Aslanli emphasized.
The research for the mortgage housing market in the countries of Central Asia was held within the IFC program Partnership in development of private sector. The program is financed by Swiss State Secretariat for Economic Relations and realized by IFC. As a result of the program, a report had been prepared regarding diagnostic investigation held over the situation of the market of the mortgage housing crediting in Central Asian region, and a plan of concrete measures had been offered for the development of the market for its future realization in each of the countries.