OFFICIAL DOCUMENTS

On approval of Regulations on the Azerbaijan Mortgage Fund at National Bank of the Azerbaijan Republic

With a view of creation of the mechanism of financing of mortgage credits in the Azerbaijan Republic, I hereby resolve:

1. To approve the “Regulations on the Azerbaijan Mortgage Fund at National Bank of the Azerbaijan Republic” (enclosed).

2. To approve the “Rules of granting mortgage credits due to means of the Azerbaijan Mortgage Fund at National Bank of the Azerbaijan Republic” (enclosed).

3. The National Bank of the Azerbaijan Republic shall:

3.1. in 15-day's term approve structure and the list of staff of the Azerbaijan Mortgage Fund at National Bank of the Azerbaijan Republic;

3.2. Till the end of 2006 submit to the President of the Azerbaijan Republic the suggestions on transformation of the Azerbaijan Mortgage Fund at National Bank of the Azerbaijan Republic to Joint-Stock Company and its privatization;

3.3. Within its powers solve other questions following from the present Decree.

4. To charge the Ministry of Finance of the Azerbaijan Republic to provide transfer of the means stipulated by the state budget of 2005 for financing of mortgage credits, to the account of the Azerbaijan Mortgage Fund at National Bank of the Azerbaijan Republic.

5. The Cabinet of the Azerbaijan Republic is assigned in a month:

5.1. to establish the mechanism of granting of the state privileges under mortgage credits and approve rules of use of the given privileges;

5.2. Jointly with corresponding state bodies to establish the social categories to enjoy the right of state privileges under mortgage credits;

5.3. to establish sources of the means required for granting the state privileges under mortgage credits;

5.4. within its powers to solve other questions following from the present Decree.

6. The present Decree inures from the date of publication.

Ilham Aliyev,

President of the Azerbaijan Republic

Baku, December 22, 2005