Number of people taking state mortgage loans in Azerbaijan exceeds 53,000

Kanan Sadigov
Author

To date, the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan has provided loans worth 3.36 billion manats ($1.98 billion) to 53,014 borrowers, Report informs, citing the MCGF's statement.

In addition, the fund stated that so far 549.4 million manat ($323.2 million) have been guaranteed for business loans, and 6,720 apartments have been sold through rental.

MCGF was established in 2017 as a result of the merger of the Azerbaijan Mortgage Fund and the Credit Guarantee Fund OJSCs and is their legal successor. The fund acts as a state agent providing liquidity support to national financial institutions in connection with the issuance of long-term subsidized mortgage loans and ensuring access to cheap financial resources.

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