BAKU, Azerbaijan, November 4. A total of 5,720 Azerbaijani citizens have improved their housing conditions within the mechanism of transferring apartments for rent with the right to buy, the press service of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan told Trend.
"As of today, the fund had offered guarantees and subsidies on commercial loans totaling 511.7 million manat ($301 million). As of November 4, the MCGF provided mortgage loans worth 3.2 billion manat ($1.8 billion) to 51,900 customers, according to the press service.
To note, in 2017, the President of Azerbaijan issued a decree establishing the Mortgage and Credit Guarantee Fund by reorganizing and merging the Azerbaijan Mortgage Fund and the Credit Guarantee Fund. The Fund receives yearly cash infusions for social mortgage financing and subsidies for small and medium-sized enterprise loan guarantees. Additional kinds of indirect support encompass the central bank's acquisition of a segment of MCGF's bonds and buy-back assurances, along with an exemption from income tax.