Report of Press service on conducting the next meeting of Supervisory Board of “Azerbaijan Mortgage Fund” Open Joint Stock Company

The next meeting of Supervisory Board of “Azerbaijan Mortgage Fund” Open Joint Stock Company was held on March 16, 2017.

In the meeting current situation of mortgage lending, also lending terms and other issues were discussed and relevant decisions were adopted. Also, in a meeting were approved changes in budget of the Fund for 2017 and a new average market price of 1 square meter of dwelling area purchased on account of mortgage loan.

Please be informed that, pursuant to the charter of the Fund, Supervisory Board is composed of 5 members from Ministry of Economics of the Republic of Azerbaijan, Ministry of Finance of the Republic of Azerbaijan, Ministry of Labor and Social Protection of Population of the Republic of Azerbaijan, State Housing Construction Agency under the President of the Republic of Azerbaijan and Central Bank of the Republic of Azerbaijan. Members of the Supervisory Board are appointed and dismissed by Cabinet of Ministers of the Republic of Azerbaijan upon the request of these authorities. Members of Supervisory Board are appointed for 3 years period. Members of Supervisory Board chair Supervisory Board by turns. The commission period of a chairman is three months.