Azerbaijan, Baku / corr. Trend U.Ismaylova / The Executive Director of Azerbaijan Mortgage Fund, Faik Mammadov, said at the press conference on 1 June that the Fund plans to expand its branches. According to Mammadov, the Fund has already received confirmation from the National Bank of Azerbaijan to open its office in Nakchivan Autonomous Republic of Azerbaijan.
The Fund finances mortgage credits through twenty-three authorized banks.
The 2006 State budget allocated AZN 26mln for the Fund.
According to Mammadov, the Fund financed credits in the amount of AZN 26.5mln. An additional AZN 500,000 has been ensured by the Fund. The 2007 State budget has allocated AZN 20mln for the Fund, but the Fund has not received the allocated amount yet and due to it, the mortgage crediting has been ceased temporarily. According to Mammadov, the finances are expected to be transferred to the Fund in the near future and the operation on mortgage crediting will be resumed.
Mammadov said that the Fund appealed to the Ministry of Finances of Azerbaijan for the allocation of additional finances to ensure the dynamic of the market and fulfill the demands for mortgage crediting.