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
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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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