WB Submitted Credit Agreement for Registration of Immovable Property Project to Azerbaijani Government

Business Materials 19 April 2007 20:03 (UTC +04:00)

Azerbaijan, Baku/ Trend , corr. I. Khalilova/ The World Bank (WB) has submitted a final version of a credit agreement on the project on registration of immovable property in Azerbaijan to the Azerbaijani Government, a source in the Cabinet of Ministers of the Country has said today. The project is expected to be signed as soon as the corresponding authorities are available. Arif Garashev, the Chief of the State Real Estate Register Service may become that official who will gain these authorities.

The value of the mentioned project is $38.57mln, with $30mln coming from a WB credit. The credit resources will be fully allotted from the funds of the International Bank for Reconstruction and Development (IBRD), which is a WB's subdivision (subsidiary).

The mentioned project will cover the whole of Azerbaijan, and until the implementation's completion, all existing information on location of realty and the right to it will be included in the united automation system.

The system to register deals concluded with immovable property will be automated in all twenty-one registration offices all over the country. The project will include the formation of twenty-one offices of the State Real Estate Register Service and encompass sixty offices of the State Real Estate Committee. Forestlands, waterlogged territories, and natural areas will be included in the forthcoming system.

Official negotiations between the Azerbaijani Government and WB on the credit agreement within the mentioned project were held in Baku in the second half of February 2007, and on 20 February 2007, the parties approved the structure (segments, components, and cost) of the project.