Number of mortgage loans issued by state exceeds 51,000 in Azerbaijan

The Mortgage and Credit Guarantee Fund of Azerbaijan (MCGF) has issued loans totaling over 3.17 billion manats ($1.865 billion) to 51,022 borrowers as of August 8, Report informs, citing the fund.

The Mortgage and Credit Guarantee Fund of Azerbaijan was established at the end of 2017 through the merger of the Azerbaijan Mortgage Fund and the Credit Guarantee Fund OJSCs, becoming their legal successor.

The fund serves as a state agent, providing liquidity support to national financial institutions by offering long-term subsidized mortgage loans and access to affordable financial resources.