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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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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