Azerbaijan Mortgage & Credit Guarantee Fund says will complete 2020 with profit
BAKU, Azerbaijan, Nov. 30
By Zeyni Jafarov - Trend:
The Mortgage and Credit Guarantee Fund of Azerbaijan predicts to complete 2020 with a profit of 10 million manat ($5.8 million), Deputy Chairman of the Board of the Fund, Rahman Hummatov said, Trend reports.
Hummatov made the remark at the fund’s online conference related to rental housing mechanisms.
“At the moment the fund's undistributed profit is 85 million manat ($50 billion). The growth of assets by the end of 2020 is considered by the fund in the range of 1.85 billion manat ($1.08 billion), against last year's figure of 1.41 billion manat ($829.4 million), an increase of 32.1 percent," he said.
The deputy chairman said that the last placement of bonds worth 50 million manat ($29.4 million) will be held in the coming days, which also gives reason to believe that the fund's assets at the end of 2020 will reach 1.85 billion manat ($1.08 billion).
It is also possible that the authorized capital of the fund will be increased next year. The authorized capital increases annually, as funds are allocated in the state budget for this.
The fund's profit, net of taxes, at the end of 2019 was estimated at 18.6 million manat ($10.9 billion).