Baku, Fineko/abc.az. The Finance Ministry has expanded financing from State Budget 2008 for the Azerbaijan Mortgage Fund (AMF) under the National Bank (NB).

The AMF reports that the Ministry transferred the second tranche in addition to the first AZN 10 million transferred on May 6 from financing envisaged by the Law on State Budget 2008 of Azerbaijan.

“Overall financing has reached AZN 22 million and received funds have been placed by refinancing the earlier extended loans under AMF standards. The balance makes AZN 12 million,” the Fund informed.

Refinancing of new mortgage loans by the AMF was halted on September 20, 2007 because of money shortage for refinancing. From the very beginning of its activity (from March 2006 to June 2007) the authorized banks have given 1,800 loans for AZN 67.8 million under the AMF standards. AMF received AZN 46 million from state budget 2005-2007.

By early 2008 the Fund needed AZN 23 million for refinancing of loans disbursed earlier by its agents.

Among the AMF agents are 23 banks. Maximum interest rate under its standards is 8% and real average one is 6%. According to the NB estimations, total mortgage portfolio of Azeri banks reached AZN 260 million with state (AMF) participation at the level of AZN 67.8 million.

03.11.2008 16:05