Mortgage loans for AZN 53 million given to 669 persons in Azerbaijan

Loans in the total amount of AZN 53 million have been given to 669 persons through the Azerbaijan Mortgage & Credit Guarantee Fund, banks.az reports, citing AMCGF general director Ilham Keleshov.

"Since 2018 the country has introduced a guarantee mechanism for mortgage loans. International practice shows that the introduction and development of the mortgage loan guarantee mechanism is carried out by the state in many countries – in the USA, Canada, Malaysia, Russia, Kazakhstan, etc. The provision and execution of guarantees on mortgage loans, the relationship of the parties is regulated by the "Rule for the provision of guarantees on mortgage loans by the AMCGF", approved by Presidential Decree from 1 May 2018," he emphasized.