Assets of Mortgage and Credit Guarantee Fund grow 1.4 times


January 16, Fineko/abc.az. The Mortgage and Credit Guarantee Fund of Azerbaijan has summed up the results of its activities in 2017.

The Fund's assets increased 1.4 times to AZN 958.2 mln , compared to AZN 692.1 mln manat in 2016, the fund informed.

"Undistributed profit of the fund rose 2.1-fold from AZN 7.1 mln in the end of 2016 to AZN 15 mln," the report says.

According to it, in 2018, in addition to issuing mortgage loans, the fund will also guarantee business loans and subsidies. The application of the new mechanism will allow to direct potential domestic opportunities to economic growth, strengthening non-oil sector and entrepreneurship, reducing risks in the banking sector and reducing the cost of financial resources.