Azerbaijan's Mortgage and Credit Guarantee Fund has made public the amount of issued mortgage loans, Trend has reported.

The total volume of mortgage loans issued through the Mortgage and Credit Guarantee Fund of Azerbaijan since its foundation [in 2017] has exceeded AZN 1.98 billion ($1.16 billion) and in 2021 – AZN 722,000 ($424,710), Spokesperson for the fund Yegana Ramazanova said.

Ramazanova stressed that the total amount of the issued pledged loans and subsidies exceeded AZN 248 million ($145.8 million), allowing the creation of about 3,300 new jobs in Azerbaijan. Moreover, in 2021 alone, 1,268 apartments were sold by renting them out with the option to purchase them.

"In order to improve the access of businesses to financial resources and reduce the payment burden via allocations from the state budget, from 2019 through 2021, the guarantee fund issued loans in the amount of 21 million AZN ($12.3 million) on interest accrued on business loans. As a result of providing subsidies through state support, the average annual interest rate on business loans issued to borrowers was reduced to 6.5 percent. In 2022, support for businesses will continue," she added.