Both leaders welcomed heightened ties with the EU. Baku said it invited the bloc to help with the post-war reconstruction of Azerbaijani lands looted and systematically destroyed during the Armenian occupation.

The Central Bank said that the operating profit of the banking sector rose by 14.2 percent year-on-year to 411.2 million manats in the first five months of 2021.

In this region, neighbouring Georgia is automatically associated with wine. Azerbaijan, by contrast, is rarely associated with viniculture, though its roots run deep.

Established in 1992, IBA is the largest bank in Azerbaijan by assets. It reported a net profit of 32.4 million manats in the first quarter of 2021.