Azerbaijan, Baku / corr. Trend I.Khalilova / The visit to Baku of the Head of Phase 2 IFC Technical Assistance Project of House Financing for Central Asia
Azer Aliyev, the Financial Analyst of the Project, said that his officewill be situated in Uzbekistan and during his visit to Azerbaijan, he will become familiar with the market and define future activities. It will be Morales's first visit to Azerbaijan. Phase 2 of the project commenced on 20 March 2007 and is planned for two years. The program is financed by the Switzerland Economic Relations Secretariat (SECO) and implemented within the program "Partnership in the Development of the Private Sector", which is managed by IFC. The budget for Phase 2 for the five countries totals nearly $3 mln.
According to Aliyev, the primary emphasis of the activity of Phase 2 project will be to offer technical assistance and implement separate recommendations presented in the regional report. According to Aliyev, most of the effort will be directed towards forming and strengthening the institutional base of the banks-partners at all stages of the technological process of organization, formation, presenting and servicing of mortgage housing loans, with the aim to form commonly-accepted standards of the mortgage industry initial market. It is proposed to underline more vital standard-legal issues and key problems of the formation of the basic infrastructure providing the efficient functioning of the mortgage industry, e.g. services on the independent appraisal of immovable property, realtor and insurance services, as well as technical assistance in which to solve them.
Upon completion of the Phase 1 program on technical aid on the development of mortgage credit covering five countries ( Kyrgyzia, Kazakhstan, Uzbekistan, Tajikistan, and Azerbaijan), IFC has prepared a regional report - "Analysis of the Initial Market of the Mortgage House Crediting". It encompasses the results of research of the state and private sectors. The program was initiated by IFC with the aim to create favorable conditions to develop the mortgage market and expand access of the population with the medium and lower level of income to mortgage credit.