IFC Prepares for Housing Financing in Azerbaijan
Azerbaijan, Baku /corr. Trend I.Khalilova / The International Finance Corporation (IFC) plans to begin financing housing in Azerbaijan by 2007, stated the IFC Representative in Azerbaijan, Aliya Azimova . "The amounts of finances have not yet been confirmed, however we are unable to finance more than 60% of the authorized capital of the banks," Azimova stressed.
However, she did not exclude the probability of opening credit lines for mortgages through two or three banks. In 2007 the IFC began to implement the second phase of the project, offering technical assistance within the housing financing in Azerbaijan and Central Asia ..
The project was made possible through the financial support of SECO ( Switzerland's State Economic Issues Secretariat) within the IFC program "Partnership in the development of the private sector".
The program has been initiated by the IFC to create positive conditions within the development of the mortgage market and the expansion of access for the population with middle and law profits to the mortgage crediting.
The IFC has presented nearly $3.2 mln for Azerbaijan and Central Asia for a year and a half.