Azerbaijan Mortgage Fund under the Central Bank of Azerbaijan was established according to Decree N.299 of the President of Azerbaijan Republic on “Forming of mortgage loans systems in the Republic of Azerbaijan”, dated 16 September 2005, in order to meet the demand of people for apartment in the Republic of Azerbaijan, to improve the living conditions, to establish effective housing finance mechanism, to provide the compliance of supply formed in this sphere with real demand of purchasing power, to attract domestic and foreign investors to mortgage lending. According to Decree of the President of Azerbaijan Republic N.661, dated 27 October 2015, state-owned “Azerbaijan Mortgage Fund” Open Joint Stock Company (OJSC) was established by reorganization of Azerbaijan Mortgage Fund under the Central Bank of Azerbaijan and the Charter of OJSC was approved by the Decree of the President of Azerbaijan Republic N.940, dated 22 June 2016. Then, by Decree of the President of Azerbaijan Republic N. 1760, dated 25 December 2017, “Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan” non-commercial legal entity was established by reorganization in the form of merger of “Azerbaijan Mortgage Fund” OJSC and “Credit Guarantee Fund of Azerbaijan Republic” OJSC.
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