BAKU, Azerbaijan, October 12. Within the framework of the mechanism of apartment transfer for lease with the right to buy, 4,068 citizens have improved their housing conditions, the press service of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan told Trend.
"Today the Fund has provided guarantees and subsidies on business loans in the amount of 380.6 million manat ($223.8 million). Mortgage loans worth 2.7 billion manat ($1.5 billion) have been granted to 47,163 borrowers through the MCGF on October 12," 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 the Azerbaijan Credit Guarantee Fund.
The agent banks of the MCGF issued mortgage loans worth 422.7 million manat ($248.6 million) from January through December 2022.