Azerbaijan may expand credit guarantee mechanism

A draft of additions and amendments to the procedure for granting guarantees under the mechanism of credit guarantees of the Mortgage and Credit Guarantee Fund (MCGF) has been prepared, Report informs, citing Elshan Karimov, Director of the Fund's Credit Guarantee Department.

He noted that this project, agreed with the relevant state bodies, has been submitted to the Cabinet of Ministers.

"As part of the project, we plan to increase the upper limit of the loan guarantee by 5 percentage points, from 85% to 90%. During the discussions, we put forward an initiative to include, along with banks, non-bank credit organizations among the authorized credit organizations. That is, so that entrepreneurs, along with banks, can apply to non-credit organizations."