Authorized capital of Mortgage & Credit Guarantee Fund reached AZN 566 million


April 9, Fineko/abc.az. The statement of the Mortgage & Credit Guarantee Fund says that MCGF’s authorized fund increased by AZN 100 million up to AZN 566 million on 7 March 2019. The allocated funds will be used for subsidized mortgages in 2019, as well as every year.

By the end of 2018 Fund’s total assets amounted to AZN 1.27 bn. Although the main objective of the MCGF is not to receive profit. Fund's profitability has increased significantly in recent years as a result of creation of a sound risk management system and effective organization of activity. Thus, the MCGF completed 2018 with net profit of AZN 19.9 million (a rise of AZN 4.8 million or 32.23% versus 2017).