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International Bank of Azerbaijan to launch self-financed mortgage program

International Bank of Azerbaijan to launch self-financed mortgage program

14 October 2009 14:53 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. International Bank of Azerbaijan intends to launch its self-financed mortgage program in addition to the government-funded mortgage lending.

Jahangir Hajiyev, chairman of the Bank, said the US-based OPIC is due to extend a loan for this program.

In his words, such mortgage loans will be available from May 2010.

â€œNegotiations on this loan of about AZN 120 million may take about 6 months. Our interest rates for mortgage loans will not be higher than those funded by Azerbaijan Mortgage Fund,â€ he added.

As Azerbaijanâ€™s and the regionâ€™s largest bank, the International Bank of Azerbaijan with a governmentâ€™s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
The bank operates 37 branches across the country.

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