Assets of Azerbaijan Mortgage Fund increase
Baku, Azerbaijan, March 10
By Ilkin Shafiyev - Trend:
Assets of the Azerbaijan Mortgage Fund (AMF) amounted to 968.9 million manats in 2017, which is 1.4 times more than in 2016, when the AMF assets totaled 692.1 million manats, said the Azerbaijani government’s report on the activity in 2017.
During the reporting period, the AMF issued 3,109 mortgage loans worth 203.1 million manats. Of them, 1,076 loans worth 70.6 million manats accounted for preferential mortgage loans.
From 2006 to 2017, the AMF financed the issuance of mortgage loans worth 944.3 million manats. Of them, 278.7 million manats accounted for preferential mortgage loans. Residents of Azerbaijani districts received about 24 percent of the mortgage loans.
On December 25, 2017, AMF merged with the Credit Guarantee Fund CJSC and the Azerbaijan Mortgage and Credit Guarantee Fund CJSC was established.
The major objective of the Azerbaijan Mortgage and Credit Guarantee Fund CJSC 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.
(1.7 manats = 1 USD on March 10)