16:29 - 30.07.2025

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July 30, Fineko/abc.az. The Accounts Chamber conducted an audit of the use and management of public funds and state property allocated by Nakhchivan Mortgage Fund OJSC in 2023-2024.

ABC.AZ reports with reference to the Accounts Chamber that in 2023, the company was allocated 2.75 million manats from the budget of the Nakhchivan Autonomous Republic, and 1.543 million manats of them were allocated for preferential (4%) lending.

In 2024, another 2.75 million manats were allocated to the Fund, and together with the balance of 1.206 million manats from 2023, 3.956 million manats were allocated for concessional lending.

The company attracted 1.3 million manats in 2023 and 1.865 million manats in 2024 for ordinary mortgage (8%) lending. The income from interest charges totaled 485,100 manats in 2023 and 589,200 manats in 2024.

As of January 1, 2025, the amount of active concessional loans to the company amounted to 11.605 million manats, the amount of ordinary loans - 7.6 million manats, and the total loan portfolio - 18.668 million manats.

The Chamber notes that in Nakhchivan, ordinary mortgage loans not covered by the preferential program are financed only from the savings of the Mortgage Fund in the amount of approx. 1 million manats a year, which is enough for an average of 7 loans. Due to the lack of an electronic application system, over 450 applications are received annually, and obtaining a mortgage takes a long time.