Commercial banks reported a total net profit of 1.969 billion lari ($637 million) from January to November compared to a loss of 1.4 million lari in the same period in 2020.

The growth forecast for the region was increased to 4.7 percent in 2021 from a previous projection of 4.1 percent in September.

Azerbaijan has until now paid scant attention to the growing worldwide wave of renewable energy sources.

The loan agreements between the Eximbank and Uzbekistan's Ministry of Investment and Foreign Trade were signed in Seoul ahead of President Shavkat Mirziyoyev’s visit to South Korea.

Funds comprise a low-interest concessional loan of $250 million, repayable over 30 years, and a non-concessional loan of $150 million at market interest rates, repayable over 12 years.

Under the project, the railway track linking Uzbekistan’s two ancient cities, Bukhara and Khiva, UNESCO world heritage sites, through Miskin and Urgench will be electrified.

The bank raised the upper level of the rate corridor to 8.25 percent from 8.0 percent, while the lower level remained unchanged - at 6.0 percent.