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.