World Bank to extend $25m to Azerbaijan Real Estate Registry Project

According to the preliminary assessment of the project, the lead-time is five years and the project costs $38 million, of which $13 will be provided by the Government of Azerbaijan, said Arif Garashov, Chairman of the State Real Estate Registry Service, APA reports.

He added that the project is aimed at immovable property cadastre and real property rights registration.

The World Bank Board of Directors will have discussion over Azerbaijan Real Estate Registry Project on March 21.

The project will be financed by a loan for 20 years (Libor +0.5% per annum) to be extended through the EBRD.

The project participants are Azerbaijan State Real Estate Registry Service, State Land and Cartography Committee and State Agency for Public Property Management.