Azerbaijani credit guarantee fund reveals data on issued loans by its agent banks

By Trend

The agent banks of the Azerbaijan Mortgage and Credit Guarantee Fund, since its creation, have issued over 31,000 mortgage loans worth 1.61 billion manat ($947 million), Deputy Chairman of the fund’s Board, Rahman Hummatov said, Trend reports.

Hummatov made the speech at an online conference related to rental housing mechanisms.

The deputy chairman noted that mortgage lending through the fund covers 51 districts of Azerbaijan.

The volume of guarantees issued by the fund for lending to small and medium-sized enterprises (SMEs) exceeds 112 million manat ($65.8 million), and this mechanism, despite the fact that it is new, covers 26 district of the country, he said.

Hummatov also added the fund issues guarantees on mortgage loans, and this figure is estimated at 17.7 million manat ($10.4 million) for 233 mortgage loans, adding that 380 citizens were provided with rental of housing with a commitment to sale.

From January through October 2020, mortgage loans worth 207.6 million manat ($122.1 million) were provided by the agent banks of the Mortgage and Credit Guarantee Fund of Azerbaijan, which indicates a significant increase (62.4 percent) compared to last year.

(1 USD = 1.7 manat on Nov. 30)