The Azerbaijan Mortgage Fund (AMF) in September through agent banks issued mortgage loans amounting to 1.52 million manat. The beneficiaries were 32 people - an average of 47,500 AZN per person.
In total, according to a statement on the website of AMF, since 2006 there has been issued 15,425 mortgage loans totaling 613.89 million manat - an average of 39,800 manat.
AMF was established in December 2005 and in March 2006 it began to issue mortgage loans. Issuance of social mortgage in Azerbaijan began in 2007 and lasted for 6 months.
Mortgage loans on commercial terms are given in manat and only to Azerbaijani citizens. The demands include a period of 3 to 25 years with a maximum loan amount of 50,000 manat and the rate of not more than 8% per annum.
Funded from the state budget is only social mortgage (the maximum size of 50 thousand manat and the rate not more than 4% per annum). The Ministry of Finance for this purpose in 2014 planned to release 40 million and in 2015 - 50 million manat. The public does not know about the directions of spending the targeted funds.
In 2013, the volume of mortgage lending by AMF amounted to 112.9 million manat. --17D-
Economics
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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The architectural company El & En has received several contracts worth a total of AZN 805,593 from the Committee for Urban Planning and Architecture. Additionally, the Territorial Construction Planning Center commissioned projects from the private company El & En worth several hundred thousand manats. These architectural projects involve work in liberated territories and other regions of Azerbaijan. The co-owner of this company, along with his son, is Elbay Gasimzade, the head of the Public Council under the State Committee for Urban Planning and Architecture and simultaneously the Chairman of the Union of Architects.
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