TODAY.AZ / Business

Azerbaijan to start Mortgage Guarantee Fund this year

01 June 2007 [15:08] - TODAY.AZ
"The process of establishing a Guarantee Fund under Azerbaijan Mortgage Fund is complete. The charter and legal framework are ready too. The draft will be submitted to the Cabinet of Ministers and onward to the President for approval," said Faig Mammadov, the Executive Director of Azerbaijan Mortgage Fund.

He added that the Guarantee Fund is likely to be created by this year's end.

The principal objective of creation of the Guarantee Fund is to cut financial risks, cut the upfront payment to zero and allow the 100% price amount of the mortgage apartment in mortgage loan lending process, APA reports.

URL: http://www.today.az/news/business/41665.html

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