AMF expands agent-banks list

Azerbaijani Amrahbank has become an authorized agent of the Azerbaijan Mortgage Fund (AMF) operating under the Central Bank of Azerbaijan (CBA), AMF website reported on Monday. As a result, the number of AMF banks agents reached 27.

Amrahbank (established in 1993) is one of the first commercial banks of Azerbaijan. Some 49 percent of its shares belong to Bahrain-based International Investment Bank.

AMF was established as a PSE in September 2005 in Azerbaijan by presidential decree. Its charter was approved by a separate presidential decree in December 2005. AMF's main purpose is to create funding mechanisms which would endorse home ownership to Azerbaijani citizens through long-term financing. It also aims to draw domestic and foreign investment toward mortgage financing.

At present, AMF's authorized agents are 27 banks, 19 insurance companies and 13 appraisal organizations.


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