Number of government mortgage loans in Azerbaijan exceed 36,000

The Azerbaijan Mortgage and Credit Guarantee Fund (MCGF) has issued AZN 1,940,323,000 in loans to 36,004 borrowers, Report informs.

In addition, so far, business loans in the amount of AZN234,128,000 have been guaranteed, and 1,092 apartments have been sold.

AECM was established at the end of 2017 as a result of the merger of “Azerbaijan Mortgage Fund” and “Credit Guarantee Fund” OJSC and is their legal successor. The Fund acts as a government agent giving liquidity support to national financial institutions to provide long-term subsidized mortgage loans and access to cheap financial resources.