Azerbaijan to receive foreign funds for mortgage loan lending

Azerbaijan to receive foreign funds for mortgage loan lending
# 21 September 2007 17:11 (UTC +04:00)
“By receiving additional market resources, our target is to achieve sustainability of mortgage lending and maintain the preferences set by the government. Despite foreign funds, we will continue the social preferential mortgage lending next year,” he said.
He added that the Central Bank has applied to the government for allocations for social mortgage loan lending. He said there is no change in terms of the mortgage lending mechanism, but it is proposed to increase the amount of mortgage loan.
He added some banks have received long-terms loans from foreign financial institutions at 8-8.5% annually to lend mortgage in the country.
“The amount of loans Azeri banks received from international institutions during past 12 months have quintupled to $1 billion,” he noted. /APA-Economics/

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