Banks - agents of the Azerbaijan Mortgage Fund (AMF) in the first quarter gave mortgage loans to 476 citizens. This is minuscule in the circumstances, when tens of thousands of families need housing. The reason is that banks provide loans only to well-paid workers with an official salary of $ 1 thousand or more. The majority of the middle class officially receives small salaries, since employers have double-entry bookkeeping and transfer funds corresponding to minimum wages to the Social Protection Fund.
According to the information on the website of AMF, as of April 1, the total number of mortgage loans amounted to 16,318. In total, since 2006, this segment refinanced loans totaling $ 580 million 730.61 thousand manat. Of these, only 23.7% were social mortgages (137 million 482.9 thousand manat), while the rest of the money (443 million 247.71 thousand manat) was issued on a commercial basis.
AMF created in December 2005 began to issue mortgage loans in March 2006. Issuance of social mortgage in Azerbaijan was short-lived - from January to July 2007. This segment of the mortgage is funded from the state budget. Its maximum size is 50,000 manat at a rate not exceeding 4% per annum.
Mortgage loans on commercial terms are given in manat and only to citizens of the country. Loans are granted for a term of 3 to 25 years, the maximum loan must not exceed 50 thousand manat at a rate of not more than 8% per annum. --17D-
Economics
-
Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
-
Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
-
Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
-
The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
Leave a review