BAKU, Azerbaijan, August 25. Within the framework of the mechanism of transferring apartments for rent with the right to buy, 3,886 citizens have improved their housing conditions, the press service of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan said, Trend reports.
"As of today, the fund has provided guarantees and subsidies on business loans worth 371 million manat ($218 million). Mortgage loans worth 2 billion manat ($1 billion) have been granted to 46,258 borrowers through the MCGF on June 20," the press service said.
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 and Credit Guarantee Fund of Azerbaijan.
Earlier, from January through December 2022, the agent banks of the MCGF issued mortgage loans amounting to 422 million manat ($248 million).