The property was confiscated from Ms Karimova, the eldest daughter of the former president, who ruled the country for 27 years until his death in 2016.

State-owned Ukreximbank will use the funds for loans to SMEs, in particular by offering sub-loans of a longer maturity than that currently available on the market.

The COVID-19 pandemic continues to impact both demand and production of the Azerbaijan's main export commodity.