BAKU, Azerbaijan, November 28. Within the framework of the mechanism of transferring apartments for rent with the right to buy, 4,229 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 381.5 million manat ($224.4 million). Mortgage loans worth 2.8 billion manat ($1.6 billion) have been granted to 47,503 people through the MCGF on November 28," 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.
The agent banks of the MCGF issued mortgage loans amounting to 422.7 million manat ($248.6 million) in 2022.