Mortgage Fund to Be Released from Subordination to CBA
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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