International Financial Corporation’s Project on Technical Assistance in Housing Financing to Introduce Safety Mortgage Fund in Azerbaijan
Azerbaijan, Baku / Trend corr. I.Khalilova / The International Financial Corporation (IFC) has defined three main directions of the second stage of the project of technical assistance in housing financing in Azerbaijan.
Azar Aliyev, the financial analytic of the project, has stated that the project envisages increase of work in Azerbaijani mortgage fund, as well as institutional potential in bank-participants of mortgage market, through introduction of m-loan tool, forming of work group for development of proposals on upgrade bills in mortgage financing.
According to Aliyev, the project of IFC will facilitate Mortgage fund to introduce safety, as the Azerbaijani Mortgage Fund (AMF) will draw funds of local and foreign markets. A consultant will be included in the process. Presently, the IFC together with AMF defining the key directions for cooperation.
The work in this direction has been held with banks. Aliyev noted that the interest of participants to the project increased after presenting of m-loan, however, only two or three banks will be chosen.
"The existing system of mortgage financing will be analyzed in these banks. The recommendations will be developed after assessment of the work and developed report will be represented for management of the bank," Aliyev said.
Forming of work group is planning to autumn and all participants of the market of mortgage financing will be enabled in the process.
The second stage of the technical assistance has been financed by IFC together with the Switzerland's State Secretariat for Economic Affairs - SECO. Although the project envisages all Central Asia and Azerbaijan, the funds of the SECO will be allocated to Azerbaijan only.
S.Ruiz Morales is the head of the project.