International Financial Corporation to Provide Technical Assistance to Azerbaijani Mortgage Fund to Introduce Commerce Mortgage
Azerbaijan, Baku / Trend corr.I.Khalilova / The International Financial Corporation's project (IFC) to develop the housing financing in Central Asia and Azerbaijan will provide technical assistance to the Azerbaijani Mortgage Fund in September to introduce commerce mortgage, Azar Aliyev, the financial analyst of the project, stated.
The Mortgage Fund, together with State support, will also draw investments from local and foreign markets. IFC's consultant will provide assistance in implementing the business project. The main goals for cooperation are being defined with the Azerbaijani Mortgage Fund.
The government will also continue supporting the social mortgage even after the introduction of the commerce financing of the mortgage. The social mortgage will be financed by privileged terms and the commerce mortgage by market terms. A task group will be created to improve the mortgage crediting system.
The scheme of issued mortgage crediting:
|Primary conditions||Average conditions||Total||Social mortgage||Differences|
|Term of credit issue||15 years||15 years||25 years||30 years||2|
|Sum of credit, AZN||30 000||30 000||50 000||35 000||-2|
The project is financed by IFC and the State Secretariat for Economic Affairs - SECO of Switzerland.