BAKU, Azerbaijan, July 29
By Zeyni Jafarov - Trend:
The Azerbaijan Mortgage and Credit Guarantee Fund has issued mortgage loans worth nearly 1.9 billion manat ($1.08 billion) since 2006, Yegana Ramazanova, Spokesperson for the fund told Trend.
Ramazanova said that the number of families who improved their living conditions at the expense of the issued loans totaled 34,770.
According to the spokesperson, of this amount, more than 619.9 million manat ($364.6 million) were loans issued to privileged categories of persons.
“Along with this, 70 percent of mortgage loan recipients are young people and young families. About 21.6 percent of mortgage loans accounted for districts,” she said.
“In accordance with the decree of the President of Azerbaijan No. 1241 dated December 30, 2020, on a number of issues related to the application of the Azerbaijan State Budget for 2021 Law, the total amount of funds allocated from the state budget for the Mortgage and Credit Guarantee Fund in 2021 is 87.5 million manat ($51.4 million). Of these funds, 71 million manat ($41.7 million) is intended to increase the authorized capital (financing preferential mortgage loans), and 16.5 million manat ($9.7 million) - to finance subsidies on interest accrued to business entities for loans received in manat,” Ramazanova said.
She added that the funds allocated to increase the authorized capital, as in previous periods, are used to finance preferential mortgage loans.
The Azerbaijan Mortgage and Credit Guarantee Fund was established in 2017 by the decree of the President of Azerbaijan through the reorganization and merger of the Azerbaijan Mortgage Fund OJSC and the Azerbaijan Credit Guarantee Fund OJSC.
(1 USD = 1.7 AZN on July 29)
----
Follow the author on Twitter: @jafarov_zeyni