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Azerbaijan unveils volume of mortgage loans issued in Azerbaijan's Baku and regions

Finance Materials 6 September 2022 09:37
Baku, Azerbaijan Trend News Agency
Azerbaijan unveils volume of mortgage loans issued in Azerbaijan's Baku and regions

A total of 39,537 borrowers have been issued mortgage loans in the amount of 2.2 billion manat ($1.2 billion) through the Azerbaijan Mortgage and Credit Guarantee Fund (MCGF) as of June 30,2022, the fund told Trend.

According to the fund, mortgage loans were issued to 30,872 borrowers in Baku, 3,222 - in Sumgait, 2,987 - in Absheron, 1,241 - in Ganja, 425 - in Nakhchivan Autonomous Republic, 170 - in Mingachevir and 79 - in Lankaran.

A total of 40,136 borrowers were issued mortgage loans in the amount of 2.2 billion manat ($1.2 billion) on September 5.

The number of 2,235 citizens improved their living conditions as part of the mechanism for renting apartments with the right to purchase, the MCGF said.

The amount of guarantees and subsidies provided by the fund for business projects is 319,671 manat ($118,041).

Mortgage and Credit Guarantee Fund was established in 2017 by the Decree of the Azerbaijani President through the reorganization and merger of the Azerbaijan Mortgage Fund OJSC and the Azerbaijan Credit Guarantee Fund OJSC.

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