Additional Finance Required for Mortgage Crediting in Azerbaijan in 2007
Azerbaijan, Baku / corr. Trend I.Khalilova, E.Huseynly / The National Bank of Azerbaijan (NBA) is studying the financing of the mortgage crediting in the Country.
The Chairman of NBA Executive Board, Elman Rustamov, said that if a deficit is observed in the financial resources, in addition to the budget funds, off-budget finances may be involved. The NBA has already assessed the initial forecast. According to the accounts of the Mortgage Fund of Azerbaijan, until 2010 nearly AZN 250 mln may be demanded to ensure approximately 10,000 families with mortgage credits.
At present the Mortgage Fund grants mortgage credits at the expense of the State budget finances. The State budget has allocated AZN 46 mln for mortgage crediting for 2005-2007 and from this, more than AZN 36 mln has been spent on mortgage crediting.