ID :
16506
Thu, 08/21/2008 - 08:16
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http://m.oananews.org//node/16506
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IFC LENDS $5M TO AZERDEMIRYOLBANK ON MORTGAGE DEVELOPMENT IN AZERBAIJAN
Baku, 20 AUGUST,(AzerTAj)International Finance Corporation and Azerdemiryolbank JSC signed Tuesday a contract to expand mortgage operations.
The first component of the $15m contract provides a seven-year senior loan of $5 million to support the Bank’s mortgage program. The contract is designed to facilitate the development of Azerbaijan’s housing and leasing sectors by providing long-term funding and advisoryservices to Azerdemiryolbank.
Chairman of Azerdemiryolbank`s Board R. Amirjanov said he hopes cooperation with IFCwill expand. IFC CEO Lars Tunnel noted IFC is keen on mortgage market in Azerbaijan.
The first component of the $15m contract provides a seven-year senior loan of $5 million to support the Bank’s mortgage program. The contract is designed to facilitate the development of Azerbaijan’s housing and leasing sectors by providing long-term funding and advisoryservices to Azerdemiryolbank.
Chairman of Azerdemiryolbank`s Board R. Amirjanov said he hopes cooperation with IFCwill expand. IFC CEO Lars Tunnel noted IFC is keen on mortgage market in Azerbaijan.
