Next year, Azerbaijan’s state budget is set to allocate 89 million manats to increase the charter capital of the Mortgage and Credit Guarantee Fund, 4.7% more than this year.
“Operative Information Center-OMM” reports that the allocation is included in the draft 2027 budget package.
The document is being discussed at a meeting today of the Milli Majlis (National Assembly) Committee on Economic Policy, Industry and Entrepreneurship.
“These funds will create additional opportunities to meet the public’s housing needs and help citizens obtain homes on preferential terms,” the budget package says.
At the same time, next year the Fund will not receive budget money to subsidize interest on manat-denominated loans that entrepreneurs take from banks. A total of 15 million manats was allocated for this purpose this year. On June 9 this year, President Ilham Aliyev signed a decree on additional measures to improve guarantee and interest subsidy mechanisms for loans to businesses, and on amendments to several related decrees. Under the decree, the Fund’s responsibilities for guaranteeing loans and subsidizing interest on them were transferred to the Azerbaijan Business Development Fund OJSC, which operates under the Ministry of Economy.
