Azerbaijan to make amendments to e-mortgage & loan guarantee system

23 November 2020 19:37 (UTC+04:00)

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Azerbaijani President Ilham Aliyev signed a decree on amendments to the Regulation on the ‘Electronic Mortgage and Credit Guarantee’ system, Trend reports.

In accordance with the decree, one more piece of information has been added to the list of data transmitted to the electronic system when providing guarantees and subsidizing interest on business loans.

In the case of an application from an entrepreneur who in the current year has already received an investment promotion document through the electronic system in the electronic mortgage and loan guarantee fund or who has already been paid export incentives, to receive loans allocated for the relevant field of economic activity in which investments were made, the entrepreneur will be provided with related approving documents.

Besides, there will be also provided the information stored in the credit bureau about individuals and (or) legal entities that already own 25 percent or more of the authorized capital of an entrepreneur in the electronic system; information on identity documents of individuals with a share in the authorized capital of an entrepreneur of more than 25 percent; information on the extract from the state register on the legal representative of the entrepreneur as a legal entity, and legal entities with a share in the authorized capital of more than 25 percent.