Azerbaijan, Baku / Trend corr I. Khalilova / Texnika Bank has begun negotiations with foreign banks on drawing supplementary funds to mortgage crediting, the President of the bank, Samir Huseynov, reported on 28 June. The supplementary funds will be implemented through placement of mortgage securities.
According to Huseynov, the minimal sum for beginning of mortgage securitization has to comprise $25mln. Texnika Bank is preparing to issue mortgage documents by the end of 2007.
The President of the bank considers that the terms of placement of the funds will slightly differ from the terms of the Azerbaijani Mortgage Fund (AMF) at the National Bank of Azerbaijan. "The rates of the mortgage credits will not be lower than the rates of the AMF, but they will be simpler. The credits can be made with an 8% interest rate," Huseynov said.