TREND, Baku — President Ilham Aliyev of Azerbaijan has issued a decree to significantly increase the authorized capital of the country's Mortgage and Credit Guarantee Fund, as part of efforts to enhance financial support for homeownership and economic stability.

According to Trend News Agency, the decree raises the Fund's authorized capital from 980.7 million manat ($576.8 million) to more than 1.68 billion manat ($986 million). This financial enhancement is aimed at expanding the Fund's capacity to back subsidized mortgage loans, crucial for aiding citizens in acquiring affordable housing.

The increase includes an allocation of nearly 88.7 million manat ($52.1 million) from the 2024 state budget, designated specifically for financing these subsidized mortgage loans. This allocation underlines the government's commitment to improving access to housing through fiscal support.

The Ministry of Finance has been instructed to ensure the funding is available as specified in the decree, reflecting the government’s directive to bolster economic supports through targeted financial policies. The Mortgage and Credit Guarantee Fund is tasked with addressing any issues that arise from these new measures, ensuring smooth implementation and oversight.