Final meeting of the Supervisory Board of "MIDA" Limited Liability Company for 2017 held29/12/2017

On December 28, 2017, the Supervisory Board of "MIDA" Limited Liability Company attached to the State Housing Development Agency under the President of the Republic of Azerbaijan held its final meeting for the current year.

In accordance with the agenda of the meeting, first of all, the Director of "MIDA" LLC reported on the results of the works done by the Company over the last year. It was noted that significant progress has been made in the construction of Yasamal Residential Complex, which is the first project of MIDA and which will provide housing to 1,843 families. The construction and installation works of the first 12 residential buildings and a 960-seat secondary general-education school building of the complex consisting of 29 residential buildings have been completed and finishing and decoration works are underway. In parallel, other multi-apartment residential buildings are under construction at a rapid pace, and works on supplying the area with the appropriate mechanical, electrical and plumbing system are being carried out.

Also, it was reported that the registration of applications of citizens entitled to affordable housing in the "Affordable Housing" system set up on the "E-Government" portal is continuing. During the past period, more than 7500 citizens have been granted the right to affordable housing.

The director of LLC stated that an effective cooperation has been established with private investment companies in order to minimize the dependence on the state budget, guided by the targets set by the "Strategic Roadmap for the Development of Affordable Housing Provision in the Republic of Azerbaijan". About 18 million manats of private investments have been attracted within the framework of the state-private partnership organized as a result of three investment competitions held during the year for the implementation of Yasamal Residential Complex Project. These funds will be directed to construction of 3 residential buildings, set-up of a telecommunication infrastructure in the area, as well as design, construction and management of the shopping center.

It was highlighted that another important achievement of 2017 is the construction of the next project of the State Housing Development Agency - Hovsan Residential Complex. On December 24, 2017, President of the Republic of Azerbaijan Ilham Aliyev and First Vice- President of the Republic of Azerbaijan Mehriban Aliyeva laid the foundation of the first 7-storey building of this Complex. Within the framework of this Project, which will be implemented in 20-ha area in Surakhani district of Baku city, 3002 apartments will be built and put into use.

Within the meeting, also the prospective development strategy of "MIDA" LLC for 2018 was discussed, the Internal Audit Department of the Company delivered a report, as well as relevant guidelines and other related documents were approved for the purpose of increasing the effectiveness of the "Affordable Housing" electronic system and the launch of a new sales module.

State Housing Development Agency of the Republic of Azerbaijan

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