Azerbaijani president changes charter of Azerbaijani Mortgage and Credit Guarantee Fund

President of Azerbaijan Ilham Aliyev signed a decree changing the "Charter of the Azerbaijani Mortgage and Credit Guarantee Fund", approved upon presidential decree #1760 dated December 25, 2017.

In accordance with the document, the amount of the authorized capital of the Fund in the amount of 637 million manat ($374 million), specified in paragraph 6.2 of the "Charter of the Mortgage and Credit Guarantee Fund of Azerbaijan", approved upon the presidential decree #1760 dated December 25, 2017, has been changed to 798 million manat ($469 million).

These funds are financed from the sources mentioned below:

- Some 90 million manat ($52 million) allocated for preferential mortgage loans in accordance with the action plan approved in accordance with paragraph 10.2 of the order of the president of Azerbaijan "On a number of measures to reduce the negative impact of the coronavirus pandemic (COVID-19) and the sharp fluctuations caused by it in the global energy and stock markets on the economy of the Republic of Azerbaijan, macroeconomic stability, issues of employment in the country and business entities";

- Some 71 million manat ($41 million) allocated from the Azerbaijani state budget for 2021 to increase the authorized capital of the Mortgage and Credit Guarantee Fund upon subparagraph 1.11.7.5.1 of the decree of the president of the Republic of Azerbaijan #1241 dated December 30, 2020 "On a number of issues related to the application of the Law of the Azerbaijan Republic "On the State Budget of the Republic of Azerbaijan for 2021".

The Ministry of Finance and the Fund were instructed to resolve issues arising from this decree.