IFC Selects Manager for Phase 2 of Project on Technical Aid on House Financing in Azerbaijan

Business Materials 13 January 2007 13:01 (UTC +04:00)

IFC (International Finance Corporation) selects candidates for the post of Chief of Phase 2 of the project on IFC technical assistance in the sphere of house financing for Central Asia and Azerbaijan.

Azer Aliyev, the Financial Analyst of the Project, informed Trend that the primary emphasis of the activity of Phase 2 of the project will be placed on rendering the technical assistance and implementation of the separate recommendations presented in the regional report.

According to Mr. Aliyev, most part of the efforts will be intended for the formation and strengthening of the institutional base of the banks-partners at all stages of the technological process of organization, formation, presenting, and servicing of mortgage housing loans, including the paper turnover perplexed, with the perspective to form commonly-accepted standards of the mortgage industry initial market.

It is proposed to underline more vital normative-legal issues and key problems of the formation of the basic infrastructure providing the efficient functioning of the mortgage industry. For example, services on independent appraisal of immovable property, realtor and insurance services, as well as rendering technical assistance to solve them.

On the completion of Phase 1 of the activity of the programme on the technical aid on the development of mortgage credit covering five countries (Kyrgyzia, Kazakhstan, Uzbekistan, Tajikistan, and Azerbaijan), IFC has prepared a regional report вЂ" Analysis of the Initial Market of the Mortgage House Crediting. It encompasses the results of researches of the state and private sectors.

The program is financed by the Switzerland Economic Relations Secretariat (SECO) and implemented within the programme вЂ" Partnership in the Development of the Private Sector, which is administered by IFC. The program was initiated by IFC with the aim to create favorable conditions to develop the mortgage market and expand the access of the population with the medium and lower level of income to mortgage credit.