OREANDA-NEWS. May 22, 2009. The Confederation of Entrepreneurs of Azerbaijan (ASK) has announced resumption of crediting on the conditions of the Azerbaijan Mortgage Fund under the Central Bank.

Texnikabank Supervisory Board’s chairman and ASK acting president Etibar Aliyev stated that since 1st June 2009 the AMF can resume mortgage crediting.

“Mortgage crediting will be re-commissioned since 1st June 2009. Grave changes for mortgage loans are not expected. It is planned to extend mortgages in accord with the old rules and no increase of interest rates is expected. Mainly this will promote to revival of country’s economy,” Aliyev said.

In his view, the impact of the global crisis is telling on in connection with integration of Azerbaijani economy into world economy

“Taking this into account necessary measures are being taken, in particular cutting of interest rate that will influence on credit portfolio of banks,” Aliyev said.

Currently banks are careful of disbursal of large loans and give preference to small ones that is quite natural in period of the financial crisis.

The AMF was established in December 2005 and in March 2006 started extending mortgages. In June 2007 the Fund halted giving mortgages because of shortage of financing. In 2009 State Budget stipulates allocation of AZN 14.5 million for social mortgages.