IFC Project Signs Contract on Analysis of Mortgage Crediting with Commercial Bank
Azerbaijan, Baku / Trend corr I. Khalilova / Regarding its project on development housing financing in Central Asia, including Azerbaijan, the International Financial Corporation (IFC) plans to sign a contract on 5 September with Texnikabank for analysis of mortgage crediting, a financial analyst of the project, Azer Aliyev, reported on the same day.
All susceptibilities in mortgage crediting will be defined within the framework of the contract for their removal. After the assessment, recommendations will be developed and a report will be presented to the managers of the bank.
Besides Texnikabank, the IFC is also negotiating with two other commercial banks to improve institutional potential of banks participating in the financing market.
These arrangements are carried out within the framework of the second phase of the technical assistance project. The project is financed by IFC jointly with the Swiss State Secretariat for Economic Affairs (SECO). Though the project is a regional one and covers Central Asia and Azerbaijan, the funds allotted by SECO are intended only for Azerbaijan.