Azerbaijan and IBRD Sign Credit Agreement on Real Estate Registration Project

Business Materials 28 July 2007 13:23 (UTC +04:00)

Azerbaijan, Baku /corr. Trend I.Khalilova / The Government of Azerbaijan and International Bank for Reconstruction and Development (IBRD) signed a credit agreement within the real estate registration project, a source stated at the Finance Ministry of Azerbaijan on 28 July.

On behalf of the Government of Azerbaijan, the agreement was signed by the Finance Minister, Samir Sharifov and on behalf of IBRD - Country Manager for Azerbaijan, Gregory T. Jedrzejczak.

The national automatic property system will be renewed, operations listed in the system will be extended, software will be modernized, automatic information systems with other state bodies will be set up. Moreover, the schedule and digital information basis on real estate and lots of land to be used by the state organizations in future will be developed.

The registration system for deals on real estate will be automated in each of 21 registration offices. The project includes 21 offices of the State Service for Real Estate Registration and 60 offices of the State Committee on Management of the State Property. The system will cover forestry areas, swamped territories and natural areas.

The project comprises of four components - registration of real estate; management and registration of the real estate; base cartography and land cadastre; trainings, formation of policy and management of the project. The total cost of the project comprises $38.57mln with a $30mln-worth credit to be allotted by the WB, and an $8.57mln-worth credit to be allocated by the Azerbaijani Government.