The new loan followed a joint 110 million euro financial package by the EBRD, European Investment Bank (EIB) and the European Union (EU).

Earlier this year, the international rating agency Fitch Ratings forecasted Azerbaijan's real GDP to recover to 2.5 percent in 2021 and 2.8 percent in 2022.

The EBRD will finance half of a 7.82 million loan euro provided by Uzpromstroybank to local medical producer Samarkand England Eco-Medical.

The World Bank revised up its outlook for the economies of the South Caucasus and Central Asia in 2021, predicting that growth would be stronger than it initially expected, and forecast further acceleration next year.