A brief history of Azerbaijan

Azerbaijan became a federated republic in 1936. In 1988 Nagorno-Karabakh conflict started. This area, mainly Armenian, linked to Azerbaijan during the soviet period was the stake of a war in which 25,000 people died and almost one million people was displaced. In 1991, after 71 years of political annexation, Azerbaijan proclaimed its independence. Two years later, while Armenian troops occupied the western part of Azerbaijan, president Aboulfaz Eltchibei had to flee after a coup attempt. Heydar Aliev replaced the president and was elected President of the Republic in October 1993. In 1994, a fragile ceasefire was signed regarding Haut-Karabakh conflict. Heydar Aliev, whose health was deteriorating, prepared his son Ilham Aliev to succeed him in power. He took the place of his father in October 2003 and he was elected again in 2008 and in 2013.

There are many tensions in Azerbaijan regarding President Ilham Aliev’s succession to his father in 2003. People feared the coming of a dynastic power. Ilham Aliev keeps a dictatorial regime and Azerbaijan political stage is quite unstable. Elections are regularly struck by frauds, and corruption is very commonplace in the country. The number of opponents increases, and more and more demonstrations are taking place, in particular since the reelection of Ilham Aliev in 2013. Despite everything, the pressure on media and opposition continues. During the last two years, the Azerbaijani authorities have incarcerated around ten people who criticized the government.

Economy in Azerbaijan

Azerbaijan has experienced a very good macroeconomic situation thanks to hydrocarbons trade. However, despite the income linked to oil exportations, the country is still unequal. Indeed, the revenues linked to oil are not distributed equally among people, and it provokes great disparities. Moreover, the fall in oil prices and Russia’s economic difficulties have slowed down growth.

Supporting projects in Azerbaijan

Babyloan has been supporting Azerbaijan since 2015 thanks to Aqroinvest, our Azerbaijani partner in the field. Supporting the Azerbaijani population is a priority for our social and philanthropic business and you can finance microcredits in Azerbaijan as from now.