BAKU, Azerbaijan, February 22. The portfolio of mortgage loans refinanced by Azerbaijan's Mortgage and Credit Guarantee Fund amounted to 1.6 billion manat ($941.1 million), Trend reports via the fund.
According to the fund, appeals related to the restructuring of loans peaked during the pandemic.
"The portfolio of mortgage loans refinanced by the Fund is traditionally of high quality. As of December 31, 2022, out of about 32,000 refinanced mortgage loans, only 82 loans were restructured, i.e., only 0.3 percent of active loans, and the total volume of these loans was 3.9 million manat ($2.2 million) in 2022," the fund said.
It was also noted that the high quality of the portfolio of mortgage loans refinanced by Azerbaijan's Mortgage and Credit Guarantee Fund is also noted by both the Central Bank of Azerbaijan and international rating agencies.
FitchRatings regularly conducts a rating assessment of the fund and highlights the high quality of the fund's portfolio.
The Mortgage and Credit Guarantee Fund was established following the Presidential Decree in 2017 through the reorganization and merger of Azerbaijan Mortgage Fund OJSC and Azerbaijan Credit Guarantee Fund OJSC.