Nearly AZN 276 million in loans issued for MIDA apartment sales

To date, the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan has provided 275.8 million manats (just over $162.2 million) in concessional loans for the sale of 5,442 apartments of the State Housing Development Agency (MIDA), MCGF General Manager Rasim Abdullayev said, Report informs.

Abdullayev noted that in recent years, 85 million manats (almost $50 million) have been allocated annually from the state budget for concessional mortgage lending: "Part of these funds is used based on the distribution approved by the Cabinet of Ministers. As you know, MIDA announces apartment sales one month in advance, and then the sales are carried out. Last year, 379 loans were issued for MIDA apartments, while the year before that, 470 loans were provided. This figure varies depending on the number of apartments MIDA puts on the market during that period."