The growth forecast for the region was increased to 4.1 percent in 2021 from a previous projection of 3.6 percent in July and 3.4 percent in April.

The funds will improve the operational structure, corporate governance, and financial management of the country’s electricity transmission company and its subsidiary.

Lenders reported a rise in total net profit by 4 percent year-on-year to 455.2 million manats ($267.8 million) in the period from January to August  2021.

The Turkish company cited the breaches of contract and force majeure in its note that had been posted on Istanbul’s Public Disclosure Platform.