IFC: Azerbaijan needs single standards for mortgaged property evaluation

Azerbaijan needs to create single standards for mortgaged property evaluation, Hamid Mammadjanov, a consultant with International Finance Corporation (IFC), told Trend.

He said the standards currently used in Azerbaijan are based on old international analogues, adopted back in 2003.

"International standards have changed many times, and the latest amendments were made in 2017," Mammadjanov said. "Therefore, we offer Azerbaijan a project on creating new evaluation standards."

He added that creation of single standards understood by all market participants will make it possible to avoid disagreements as well as minimize risks for market participants.

"Misunderstandings and disagreements between banks and entrepreneurs are caused by the absence of single standards," Mammadjanov said.

Azerbaijan has been cooperating with IFC since 1995. IFC has granted loans worth $473 million to Azerbaijan for implementation of 56 projects. (Trend.az)