PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of September 16, 2005 No. 299

About creation of system of mortgage loans in the Azerbaijan Republic

For the purpose of improvement of living conditions of the population in the Azerbaijan Republic, creations of effective funding mechanism for housing construction, ensuring reduction of the offer which is created in the field in compliance with the real demand having purchasing power, and involvement of local and foreign investors to mortgage lending I decide:

1. Create the Azerbaijani mortgage fund under the Central bank of the Azerbaijan Republic.

2. Charge to the Central bank of the Azerbaijan Republic in a month:

2.1. prepare and provide to the President of the Azerbaijan Republic for approval the project of the Regulations on the Azerbaijani mortgage fund;

2.2. prepare and provide to the President of the Azerbaijan Republic for approval the draft of Rules of issuance of credits from the Azerbaijani mortgage fund;

2.3. on the basis of the corresponding criteria to determine and approve the list of agency banks which will take part in the credits issued from the Azerbaijani mortgage fund;

2.4. together with the Ministry of Justice of the Azerbaijan Republic and the State committee of the Azerbaijan Republic concerning property to provide to the President of the Azerbaijan Republic offers on carrying out state registration of the rights to the real estate on the basis of more advanced scheme;

2.5. for the purpose of achievement of steady increase in amount of the funds allocated for mortgage lending together with the State committee on securities in case of the President of the Azerbaijan Republic to provide to the President of the Azerbaijan Republic offers on creation of institute of mortgage loans and attraction thus of financial resources of the Central bank of the Azerbaijan Republic, the State oil fund of the Azerbaijan Republic and institutional investors (including insurance companies, investment funds and so forth) to the Azerbaijani mortgage fund.

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