E. Rustamov said that according to evaluation by the International Finance Corporation, the initial demand for mortgage in Azerbaijan makes $6 bln: “Very serious financial resources are needed to meet the demand. The country has serious financial resources. We make use of them”.
The CBA chairman added that the government is planning to take steps on increase of funds allocated for mortgage in the years coming, including 2015.
Rustamov also noted that in order to meet the demand of population for house, German mortgage model is being considered: “Draft law on construction-saving banks has already been prepared. This is a very serious institution. It played an important role in restoration of housing sphere of Germany after the war. Assets of these banks make 30% of German GDP. The state plays an active role here. German government places 8% funds in this bank, in other developing countries, the government places up to 30%. What is the benefit of the state here? This increases state’s reviving, employment, budget receipts. We are thinking about this model”.
Rustamov added that Azerbaijan will take regular steps to re-establish the mortgage system.
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