Today was a press conference of the Chairman of the Board of JSC VTB Bank (Azerbaijan), Yuri Yakovlev, in which he announced the intention to triple its mortgage portfolio in the next financial year.
As he said today at the press center of Interfax-Azerbaijan, the bank started an active mortgage lending in July 2014 in a test mode, because the total portfolio for this position is approximately 10 million manat.
The head of the local branch of VTB Russia wants to increase the capacity at the expense of the equity in the active sale of apartments provided by the builders, whose business has been financed by the bank. "Though mortgage is for low-income people, it is promising from the point of view of not stopping activity in the implementation of housing, so it is a priority area for us," he said.
JSC VTB Bank (Azerbaijan) obtained the license of the Central Bank of AR in March 2009. Of the bank's shares, 51% are owned by JSC VTB Bank, 48.99% - by Ata Holding, and 0.1% - by an individual. --17D-
Economics
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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Azerbaijan Railways (AZD) has launched rail transit shipments from Zira Port, located 45 kilometers east of Baku, strengthening the country's position as a logistics hub on the Middle Corridor.
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Azerbaijan’s state-owned electricity producer, Azerenergy, is advancing the construction of six hydroelectric power plants (HPPs) in the Kalbajar and Lachin districts as part of the country’s efforts to expand its renewable energy capacity. The plants, with a combined capacity of 37.5 megawatts (MW), are expected to be commissioned in the first half of 2025, according to the company.
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