BAKU, Azerbaijan, March 1. Currently, through the mechanism of guaranteeing business loans, the Mortgage and Credit Guarantee Fund of Azerbaijan can support construction or purchase of real estate for various manufacturing purposes, Trend reports via the Fund.
According to the Fund, those purposes include warehouses, new production areas, etc.
"The mission of the Foundation is to contribute to improving the living conditions of the population and the sustainable development of business entities. The implementation of this mission is carried out through the creation and development of flexible and effective tools and mechanisms for housing financing, increasing housing affordability, and supporting entrepreneurs," the fund said.
Agent banks of Azerbaijan’s Mortgage and Credit Guarantee Fund issued mortgage loans worth 8.8 million manat ($5.17 million) in January 2023, while more than 31,000 loans have been issued through the electronic system of the Fund.
The Mortgage and Credit Guarantee Fund was established by the decree of the President of Azerbaijan in 2017 through the reorganization and merger of the "Azerbaijan Mortgage Fund" JSC and the "Credit Guarantee Fund of Azerbaijan" JSC.