Number of mortgage loans in Azerbaijan exceeds 37,000

To date, the Azerbaijan Mortgage and Credit Guarantee Fund (MCGF) has issued loans worth 2.012 billion manats to 37,001 borrowers, Report informs.

In addition, according to the agency, business loans in the amount of 278.743 million manats have been guaranteed, and 1,344 apartments have been sold through rental.

The fund was established at the end of 2017 as a result of the merger of Azerbaijan Mortgage Fund and Credit Guarantee Fund and is their legal successor. The fund acts as a government agent providing liquidity support to national financial institutions to provide long-term subsidized mortgage loans and access to cheap financial resources.