Azerbaijan, Baku / corr. Trend U.Ismaylova / The Executive Director of the Azerbaijan Mortgage Fund, Faik Mammadov, said at a press conference on 1 June that the Fund of Guaranteed Credits of the Azerbaijan Mortgage Fund will began functioning in the second half of the year.
According to Mammadov, the document has been submitted to the Cabinet of Ministers of Azerbaijan for approval.
The system of the Fund of Guaranteed Credits also includes canceling the first fees. Mammadov said that canceling the first fees has positive and negative repercussions. Due to the 100% credit amount (presently the credit amount is 85%), the prices of property significantly increases.