BAKU, Azerbaijan, December 25. The agent banks of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan issued mortgage loans worth 396.1 million manat ($233 million) in the period from January through November 2024, which is 9.3 percent less than in the same period of 2023.
The data obtained byTrend from the country's Central Bank shows that the MCGF refinanced loans worth 418.9 million manat ($246.4 million) in the reporting period, which is 7.45 percent less compared to the same period of 2023.
The average size of the issued mortgage loan amounted to about 62,700 manat ($36,882) in the reporting period of the current year. At the same time, the loans were issued for a term of 281.5 months at an average rate of 6.35 percent per year.
Meanwhile, MCGF attracted 550 million manat ($323.5 million) from bond placements during the reporting period (no placements were made in February and July).
To note, the agent banks of the MCGF issued mortgage loans amounting to 461.4 million manat ($271.4 million) in 2023.
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.