AMF expands the ranks

Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan continues to attract mortgage agents.

As reported in the fund, a new member of the centralized mortgage lending has become commercial Yapi Kredi Banki.

First centralized mortgage lending program has earned in March 2006. Due to lack of funds to refinance bank loans in June 2007, it has been frozen. Only two years later, was resumed lending. From 2006 through the Fund issued mortgages worth 490.38 million manat. Within 7 months of 2013 the agent banks issued mortgage loans totaling 73.69 million manat.

Today, the government finances the only social mortgage, for which needs of the state budget annually allocated AZN 20 million. Commercial mortgage financed through the issuance of bonds AMF. For these purposes during 2009-2012 Mortgage Fund places five issues for AZN 55 million, 75 million manat, AZN 60 million, 20 million and 30 million manat each. In December last year was state registration of the prospectus of interest-entry registered bonds secured by the fund in the amount of 40 million manat. From the last issue of the fund of funds placed at 34 million manat.

Agents of the Mortgage Fund are currently 28 banks and 21 insurance companies and 11 appraisal companies. - 15B -