Details added (first version posted on 16:10)
Baku, Azerbaijan, Jan. 29
By Azad Hasanli - Trend:
Azerbaijan’s non-bank credit organizations (NBCOs) want to get access to state credit guarantee mechanism, Jale Hajiyeva, executive director of the Azerbaijan Microfinance Association, told reporters in Baku Jan. 29.
Presently, the activities of the Azerbaijan Mortgage and Credit Guarantee Fund cover only banks, she said. However, the NBCOs want to get an opportunity to cooperate with the Fund, she noted.
In Hajiyeva's opinion, this can also help attract new investors to Azerbaijan’s microfinance market.
Azerbaijan Mortgage and Credit Guarantee Fund CJSC was established on December 25, 2017 by merger of the Azerbaijan Mortgage Fund and the Credit Guarantee Fund.
The Fund’s major objective is to create a mechanism of providing the population with living space through long-term mortgage lending, assist in attracting local and foreign financial resources for mortgage lending, as well as provide guarantees to entrepreneurs for manat loans taken from authorized banks, and grant subsidies for a part of the interest calculated on these loans.