Azerbaijan’s Mortgage & Credit Guarantee Fund amends procedures

Azerbaijan’s Mortgage & Credit Guarantee Fund amends procedures

Baku, Azerbaijan, June 20

By Vyacheslav Cherkashin - Trend:

Azerbaijan’s Mortgage and Credit Guarantee Fund has amended the order on “Rules for issuing guarantee and interest subsidies based on business loans” signed May 25, 2018 by the Fund’s management, Trend reports with reference to the Mortgage and Credit Guarantee Fund.

The amendments were made as part of the measures to develop the non-oil sector, as well as to increase the opportunities for small and medium-sized enterprises (SMEs) to enter sales markets, and stimulate and improve the guarantee loan mechanism.

In accordance with the amendments, the rate of the bank authorized to issue interest guarantees was increased from 200,000 manats to 350,000 manats. In addition, under the new rules, the credit rating of debts will be considered on a par with the ratio of the guarantee to the loan. In other words, low-risk business entities will not be required additional guarantees. According to the rating, warranty requirements for medium-risk business entities have been even more softened. In addition, the list of required documents upon receipt of guarantees has been simplified.

As reported, these changes will create favorable conditions for business entities. From the point of view of a numerical or geographical factor, this will allow a wider number of entrepreneurs to use financial resources. In parallel, there are plans to stimulate the financing of credit projects along with insuring credit risks. In connection with the changes, the authorized banks have already been informed.

In connection with the order by Azerbaijani President Ilham Aliyev dated Nov. 29, 2017 on “The procedure for applying a credit rating system and other risk management tools in Credit Guarantee Fund JSC”, the ratio of collateral to credit (low, medium, high) will be determined by the board of the Fund and re-considered at least once a year.

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