OREANDA-NEWS. January 13, 2010. The Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan (CBA) continues refinancing process of mortgage loans extended under its line by agent banks.

According to AMF statistics, from 2005 to 2009 its authorized credit organizations extended mortgage loans in the amount of AZN 152.2 million.

“AZN 85.4 million out of this sum falls to the loans refinanced by AMF, including AZN 1.3 million was refinanced in 2006, AZN 45.3 million in 2007, AZN 16.9 million in 2008 and AZN  21.9 million in 2009,” it was informed.

Thus, AMF has refinanced only 56.1% of mortgage loans extended by its agent banks so far.

Let’s remind that mortgage lending was launched on March 25, 2006. AMF has received up to AZN 80 million out of allocated AZN 94 million from the State Budget for 2005-2009.

In 2008, demand for mortgage loans exceeded budget assignments, and since mid-June 2008 the Fund stopped financing mortgage loans under its standards.

The Azerbaijani government has resumed mortgage since June 1, 2009 after correcting the mortgage rules.