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Azerbaijani Mortgage Fund Announces Appraisals to Draw Foreign Capital

Business Materials 1 June 2007 17:54 (UTC +04:00)

Azerbaijan, Baku / Trend corr. U.Ismayiloiva / Faik Mammadov, the Executive Manager of the Azerbaijani Mortgage Fund AMF, stated on 1 June that the draw of foreign capital to AMF in the current economic situation of the market is practically impossible.

Presently, the consumer credits in Azerbaijan make up 30%, the deposit reached 20%, the mortgage credit is allocated by the average percent, 6% the rate of quotation of the Fund is 2%.

"These figures hinder attracting foreign capital," Mammadov stressed.

AMF should issue securities to draw subsidiary capital while the Fund operates in Azerbaijan for only a year and has a social course.

AMF and the Azerbaijani Finance Ministry will work in this direction after specifically satisfying the demands of the population.

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