BAKU, Azerbaijan, December 26. A total of 52,400 people have been granted mortgage loans totaling 3.3 billion manat ($1.9 billion) through state programs in Azerbaijan since 2006, Director of the Mortgage Lending Department of the Azerbaijan Mortgage and Credit Guarantee Fund Rasim Abdullayev said, Trend reports.
He made the remark during the training session "Housing Financing Instruments and Support for Entrepreneurship" today.
Abdullayev pointed out that the volume of intra-bank mortgage loans accounted for 18.6 percent of the total portfolio.
"About 12,000 citizens have used intra-bank mortgage loans totaling 1.2 billion manat ($710 million). In total, the volume of issued mortgage loans across the country amounts to 4.5 billion manat ($2.6 billion)," he added.
The Mortgage and Credit Guarantee Fund of Azerbaijan (MCGF) is a public fund established in 2017 by the amalgamation of the Azerbaijan Mortgage Fund and the Credit Guarantee Fund of the Republic of Azerbaijan. The objective is to enhance living circumstances, establish an effective financing system for house construction, attract both domestic and international investors to mortgage lending, and facilitate access to funding for SMEs. MCGF provides financial instruments including credit guarantees and mortgage loans for this purpose.