The stable outlook reflects S&P's expectation that the ceasefire agreement between Azerbaijan, Armenia, and Russia will broadly hold, underpinning a reduction in war-related security, financial sector, and balance-of-payments risks.

AIIB said that the loan would be co-financed with the  Asian Development Bank (ADB) as the lead co-financier.

The country exported 13.546 million tonnes of oil for $5.744 billion and 10.348 billion cubic metres of natural gas for $1.586 billion in the first half of 2021.