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Azerbaijan’s Guarantee Fund reveals amount of issued mortgage loans

Economy Materials 4 January 2022 08:32
Azerbaijan’s Guarantee Fund reveals amount of issued mortgage loans

BAKU, Azerbaijan, Jan.4

By Sadraddin Aghjayev – Trend:

The total volume of mortgage loans issued through the Mortgage and Credit Guarantee Fund of Azerbaijan since its foundation [in 2017] exceeded 1.98 billion manat ($1.16 billion) and in 2021 – 722,000 manat ($424,710), Spokesperson for the fund Yegana Ramazanova said Trend reports.

According to Ramazanova, the total amount of the issued pledged loans and subsidies exceeded 248 million manat ($145.8 million), allowing create about 3,300 new jobs in Azerbaijan. Besides, in 2021 alone, 1,268 apartments were sold by renting them out with the option to purchase them.

"In order to improve the access of businesses to financial resources and reduce the payment burden via allocations from the state budget, from 2019 through 2021, the guarantee fund issued loans in the amount of 21 million manat ($12.3 million) on interest accrued on business loans. As a result of providing subsidies through state support, the average annual interest rate on business loans issued to borrowers was reduced to 6.5 percent. In 2022, support for businesses will continue," she added.

Along with the above, 36,654 mortgage loans were issued.

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