Gross domestic product (GDP) grew by 12 percent year-on-year in January-August after contracting 5.6 percent in the same period last year.

Since late September, relations between Iran and Azerbaijan have deteriorated markedly.

The state budget's updated draft for 2022 projects revenues at 26.816 billion manats ($15.774 billion) and expenses - at 29.879 billion manats.

Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth was 12.3 percent in September, down from a record high of 12.8 percent in August.

The loan will finance two residential complexes, providing over 3,700 affordable and energy-efficient apartments for people on low- to middle-incomes.

Development of the Azeri-Chirag-Guneshli (ACG) oilfields and giant Shah Deniz gas field are the main energy projects in Azerbaijan.