BAKU, Azerbaijan, Aug.4
By Zeyni Jafarov - Trend:
Authorized banks have issued mortgage loans worth 232.2 million manat ($136.6 million) to entrepreneurs in Azerbaijan through pledges of the Mortgage and Credit Guarantee Fund up to date, Yegana Ramazanova, spokesperson for the fund told Trend on August 4.
According to Ramazanova, on the mentioned loans, the fund pledged to pay more than 30.7 million manat ($18 million) in subsidies, of which 16.5 million manat ($9.7 million) has already been paid.
"More than 21,600 people were involved in projects financed through the guaranteed loans. Additionally, it’s planned to create more than 3,200 jobs," she said.
Besides, according to the spokesperson, the guaranteed loans were allocated mainly for food production, agricultural products, machinery and equipment.
“In accordance with the Azerbaijani president’s decree 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),” Ramazanova noted.
“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,” added the spokesperson.
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 Aug.4)
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