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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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
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