The foundations of Azerbaijan’s pragmatic foreign policy were laid by late President Heydar Aliyev in the early 1990s and, today, this has become Azerbaijan’s brand, i.e., the so-called “multi-vector” or “balanced” foreign policy strategy.

The funds will be used for projects in water resources management, irrigation, agriculture, urban development, energy, social welfare and health.

Growth was recorded for the first time since February last year when the economy, heavily reliant on oil and gas production, took a hit from a fall in oil prices.