Mortgage and Credit Guarantee Fund talks on mortgage loans issued in Azerbaijan since 2006
By Trend
The total volume of mortgage loans issued through the Mortgage and Credit Guarantee Fund of Azerbaijan has amounted to 1.9 billion manat ($1.11 billion) since 2006, Spokesperson for the fund Yegana Ramazanova said, Trend reports.
The number of families who improved their living conditions with the help of these loans reached 34,770, the spokesperson added.
According to Ramazanova, over 619.9 million manat ($364.6 million) of these funds accounted for loans issued to privileged categories of persons.
“Along with this, 70 percent of mortgage loans fall on young people and young families. Approximately 21.6 percent of mortgage loans fall on the districts of the country,” she added.
“In accordance with the Azerbaijani president’s decree No. 1241 dated December 30, 2020, on a number of issues related to the application of the Azerbaijan State Budget for 2021 Law, the total amount of funds allocated from the state budget for the Mortgage and Credit Guarantee Fund in 2021 is 87.5 million manat ($51.4 million),” Ramazanova noted.
The funds allocated to increase the authorized capital, as in previous periods, are used to finance preferential mortgage loans, she added.
“Authorized banks of Azerbaijan have issued loans worth 232.2 million manat ($136.5 million) up till now. On these loans, the fund pledged to pay more than 30.7 million manat ($18 billion) in subsidies, of which 16.5 million manat ($9.7 billion) has already been paid,” Ramazanova said.
“Over 21,600 people were involved in projects funded by guaranteed loans. Also, over 3,200 jobs are planned to be created,” the spokesperson noted.
The spokesperson for the fund added that guaranteed loans were allocated mainly for food, agricultural products, machinery and equipment.
The Azerbaijan Mortgage and Credit Guarantee Fund was established in 2017 by the decree of the President of Azerbaijan through the reorganization and merger of the Azerbaijan Mortgage Fund OJSC and the Azerbaijan Credit Guarantee Fund OJSC.
(1 USD = 1.7 AZN on Aug.31)
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