Number of mortgage loans in Azerbaijan exceeds 39,000

To date, the Azerbaijan Mortgage and Credit Guarantee Fund (MCGF) has issued loans worth 2.169 billion manats ($1.28 billion) to 39,001 borrowers, Report informs.

In addition, according to the agency, business loans of 299.658 million manats ($176.27 million) have been guaranteed, and 1,575 apartments have been sold through rental.

The fund was established at the end of 2017 as a result of the merger of the 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.