(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 25. Over the past three years, 40,661 property insurance contracts and 17,750 life insurance contracts have been concluded in Azerbaijan, director of the Mortgage and Credit Guarantee Fund (MCGF) Department Rasim Abdullayev said during the media training, Trend reports.

“Over the past three years, a total of 16,400 real estate properties have been appraised by appraisers for mortgage loans issued at the expense of the MCGF,” he noted.

The Mortgage and Credit Guarantee Fund of Azerbaijan (MCGF) is a public fund established in 2017 by the amalgamation of the Azerbaijan Mortgage Fund and the Credit Guarantee Fund of the Republic of Azerbaijan. The objective is to enhance living circumstances, establish an effective financing system for house construction, attract both domestic and international investors to mortgage lending, and facilitate access to funding for SMEs. MCGF provides financial instruments including credit guarantees and mortgage loans for this purpose.

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