Azerbaijan to resume mortgage lending next week

Baku. 22 November. REPORT.AZ/ "Azerbaijan Mortgage Fund" (AMF) OJSC next week plans to distribute among the authorized banks 50 mln. AZN, which the fund intends to raise from the placement of the bond issue.

Report informs referring to banking sources.

According to the source, thus Azerbaijan will resume lending on a state line.

Financial Markets Supervision Chamber (FMSC) has registered issue prospectus of 50,000 uncertified, interest, mortgage secured bonds with par value of 1,000AZN.

Notably, AMF has 8 authorized banks – ‘AGBank’, ‘Azer-Turk Bank’, ‘Bank Avrasiya’, ‘Bank BTB’, ‘Xalq Bank’, ‘Kapital Bank’, ‘NBC Bank’ and ‘PASHA Bank’. Until today their number was 25.

In addition, number of authorized insurance companies of the fund has reduced by 4-5 times. Now AMF cooperates with four companies – ‘Gala Hayat Sigorta’, ‘Gala Sigorta’, ‘PASHA Hayat Sigorta’ and ‘PASHA Sigorta’. Only these companies can implement credit life insurance and real estate, which is the subject of mortgage lending.

The number of authorized appraising companies of AMF decreased by 8 times - to 2 (Firm ‘Bilandar’ and MBA Ltd). The reasons for reducing the number of authorized organizations are not disclosed.