Number of Agent-Banks of Azerbaijan Mortgage Fund Increased

Business Materials 11 December 2006 15:23 (UTC +04:00)

The agenda of the meeting of the Executive Board of the Nation al Bank of Azerbaijan (NBA) has included the issue of expanding the list of the participants on the mortgage crediting system. The Executive Director of the Azerbaijan Mortgage Fund, Faik Mammadov, informed Trend that the number of the agents among the credit organization has reached 20 banks.

To attract the banks who wish to actively participate in the mortgage market is considered as a positive factor. In addition, the competition will be ensured among the banks. Presently the key goal is to provide qualitative, but not quantitative services. The banks should create necessary infrastructure for this, Mammadov said.

Presently measures are taken to prevent the shortfalls in the documents submitted by the banks to Azerbaijan Mortgage Fund. Work should be carried out in the banks and the Fund will organize relevant trainings, Mammadov said,

Today 14 banks are considered as active participants of the mortgage lending market. Large banks with the state guarantee have not actively joined this market and the new banks are in the stage of institutional development.