Azerbaijan Counts MIDA Apartment Subsidized Mortgage Loans
Speaking during a training session on "Housing Financing Tools and Support for Entrepreneurship," Abdullayev mentioned that a portion of the subsidized mortgage loans, funded by the Azerbaijan Mortgage and Credit Guarantee Fund, has been directed towards the purchase of social housing owned by the State Housing Construction Agency (MİDA).
"Overall, subsidized mortgage loans have been provided to 4,802 individuals since 2018, totaling 233.1 million manat [$137.1 million], and 83 individuals received regular mortgage loans amounting to 3.6 million manat [$2.1 million].
More than 70 percent of the apartments available through MİDA were sold via subsidized mortgages provided through the fund," he added.
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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