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Azerbaijan unveils volume of mortgage loans issued in Baku administrative districts

Economy Materials 8 December 2022 15:37 (UTC +04:00)
Azerbaijan unveils volume of mortgage loans issued in Baku administrative districts
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, December 8. A total of 31,618 borrowers have been issued mortgage loans through the Azerbaijan Mortgage and Credit Guarantee Fund (MCGF) in Baku as of September 30, 2022, Trend reports citing the MCGF.

According to the fund, the distribution of mortgage loans in Baku by administrative districts is as follows: Khatai district - 7,242, Yasamal district - 6,000, Binagadi district - 3,969, Surakhani district - 3,347, Nasimi district - 2,594, Nizami district - 2,607, Narimanov district – 2,254, Sabunchi district – 1,266, Sabail district – 1,101, Garadagh district – 739.

A total of 41,974 borrowers were issued mortgage loans in the amount of 2.39 billion manat ($1,41 billion) as of December 8.

A total of 2,930 citizens improved their living conditions as part of the mechanism for renting apartments with the right to purchase.

The amount of guarantees and subsidies provided by the fund for business projects is 331.176 million manat ($194.81 million).

The Mortgage and Credit Guarantee Fund was established in 2017 by the Decree of the Azerbaijani President through the reorganization and merger of the Azerbaijan Mortgage Fund OJSC and the Azerbaijan Credit Guarantee Fund OJSC.

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