Azerbaijan Mortgage Fund expands list of partners

The new authorized agents of the fund were Khag Sigorta, AzSigorta and Qarant Sigorta. Azerekspertiza and REC-Invest joined the fund's appraisal companies. Royal Bank also was approved to issue the mortgage loan.

Thus, the number of authorized loan institutions (banks) increased to 18 - the International Bank of Azerbaijan, Azerdemiryolbank, AGBank, AtaBank, Bank Avrasiya, Bank of Azerbaijan, Bank Standard, Bank Respublika, Ganjabank, Kapital Bank, UniBank, Pasha Bank, Muganbank, Texnikabank , Turanbank, Xalq Bank, Zaminbank and Royal Bank.

Number of the insurance companies increased to 13 - a state commercial insurance company, Alfa Sigorta, AtaSigorta, Ateshgah, Basak-Inam, International Insurance Company, MBASK, Pasha Sigorta, Standard Insurance, Baki Sigorta, Xalq Sigorta, AzSigorta and Qarant Sigorta. The number of appraisers - partners of the fund had reached nine - AzIntellekt Servis, International Assessment Center - IVC, Bilender, KONEKO, MBA LTD, VESKO and MAK Consultancy Baku Ltd., Azerekspertiza and REC-Invest.

The AMF suspended the mortgage loaning due to the lack of fund in 2007.

The Azerbaijani 2005-2008 public budget provided 94 million manat for mortgage loaning. So far, 68 million of 94 million manat was issued through banks.

Before the launch of mortgage lending, 23 banks, 11 insurance companies and 13 appraisal companies were authorized by the AMF were approved.

The 2009 public budget has allocated 14 million manat in social mortgage lending. The fund issued secured bonds worth 55 million manat for a period of seven years and under three percent of interest per year. The bonds worth 25 million manat of total bonds have already been placed.

/Trend Capital/