Azerbaijan Mortgage Fund will come from the authority of the Central Bank as it has received the status of a public corporation. Yesterday this decree was signed by the President of Azerbaijan.
The structure with 100% state capital alone will attract local and foreign investment to the long-term mortgage loans for public housing.
The authorized capital stock will amount to the funds allocated from the state budget in the period from 2005 to 2015. The Cabinet of Ministers of AR must submit the head of state in a month proposals for a building permit and commissioning of apartment buildings by companies, as well as the rules of the relevant tender bidding. In the same time frame they should agree with the President to approve the charter and composition of the Supervisory Board, as well as rules of mortgage, including concessional loans from the funds. At the same time it is planned to determine the conditions and the mechanism of state guarantees for long-term mortgage bonds (more than 5 years), the amount of their annual emissions, and part of the funds aimed to finance the preferential mortgage loans. --17D-
Economics
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The safety of metro passengers is a top priority, Vusal Aslanov, Chairman of “Baku Metro” CJSC, told journalists citing the transport system’s handling of 229-230 million passengers in 2024.
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New data reveal dramatic increases in both foreign arrivals and Azerbaijani departures, highlighting the country’s evolving role as a regional travel hub. In a striking demonstration of its growing global connectivity, Azerbaijan saw a significant surge in international arrivals during 2024. According to figures released by the State Border Service, the country welcomed approximately 2.63 million non-citizen visitors—a 25.9% increase over the previous year—representing travelers from 196 countries. The latest data underscore Azerbaijan’s escalating prominence on the international stage, both as a destination and a departure point.
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Global food prices decreased in 2024, but Azerbaijan bucked the trend, recording a rise in food expenditures. Experts believe this necessitates urgent expansion of agricultural production to safeguard the domestic market.
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Italy, one of the European Union's largest economies, solidified its position as a key importer of Azerbaijani natural gas in 2024, despite a notable decline in domestic gas consumption. The country imported 58.7 billion cubic meters (bcm) of natural gas, meeting most of its annual demand of 61.7 bcm—a 2.5% drop compared to 2023. This data, reported by the Italian energy market regulator GME, highlights shifts in Italy’s energy sourcing and consumption patterns.
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