BAKU, Azerbaijan, March 2. The authorized banks of Azerbaijan's Mortgage and Credit Guarantee Fund issued 14,598 mortgage loans totaling more than 1 billion manat ($588.2 million) in 2020-2022, the Fund told Trend.
"To implement this plan, the Fund intends to maintain high dynamics of mortgage lending, that has been observed in recent years, as well as introduce new tools (loans for construction and repair). By 2026, the Fund plans to take measures to increase the availability of mortgage loans, attract stable and long-term financial resources for mortgages, automate operations, and other steps," the Fund said.
According to the Mortgage and Credit Guarantee Fund's strategic plan for 2020-2025, it is expected to issue mortgage loans in the amount of 1.7 billion manat ($1 billion) to improve the living conditions of 20,000 people.
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.