Azerbaijani President Ilham Aliyev signed a decree on improving the mechanism for mortgage crediting.

Mediamax reports referring Trend that in connection with that there are changes made to a number of laws, including the laws “On land reform”, “On land market”, “On executing court decisions”, the Land Code, the Criminal Code and others.

The Azerbaijani mortgage fund, functioning under the National Bank of Azerbaijan, voiced the strategic directions of its activities in 2007.

As the Executive Director of the Fund Faik Mamedov stated, according to the strategic development plan for mortgage crediting, it is planned to grant 1500 mortgage credits in Azerbaijan in 2007. One thousand credits’ granting is expected according to the general conditions of mortgage crediting, and according to the social mortgage - 500.

“In case of increased need for mortgage crediting, additional financial resources will be involved”, Head of the Fund noted.

By the end of the first quarter of 2007, Azerbaijani mortgage Fund plans to establish guaranteeing of mortgage credits. The main aim for establishing a guaranteeing fund is the liquidation in the future the primary payment while receiving a mortgage credit. At present, it is reduced from 30% to 15%. In future, the primary payment will be made by the credit guaranteeing Fund.