Economic Institute. It remained under this name until March 1959, when war caused it to be folded back into Baku State University. In 1966 the school separated once again, and has remained independent since, initially as the Azerbaijan National Economic Institute named after Dadash Bunyadzade. In 1987 the name was changed to the Finance-Economic Institute; and in 2000 the name was finally changed to its current form by an act of the Azerbaijani government. Derbent branch The Derbent branch of the Azerbaijan State Economic University was founded in 1993 by Heydar Aliyev. However, the official opening of the branch of the Azerbaijan State Economic University in the city of Derbent of the Republic of Dagestan of the Russian Federation was held only in November 2016. The total area of the Derbent branch is more than 11 thousand km2. There are 32 classrooms in the university, with a total capacity of 1,000 students. In the first year 69 people were recruited to the university. At the moment, students can study in four areas: World economy Finance and credit Accounting, analysis and audit General Economy Along with this, branch students also can enjoy all the privileges and international relations of the university – so they can also receive double diplomas and participate in international exchanges. Zagatala branch Under the Azerbaijan State University of Economics, there is also a branch in one of the north-western cities of Azerbaijan – Zagatala. The basis of the Zagatala branch was laid on the basis of the branch of the Azerbaijan State Pedagogical University under the decree of the President of the Republic of Azerbaijan of April 29, 2016. The official opening of the branch took place on September 15, 2016. Training takes place in 4 main directions: Business management Finance Accounting Economy The first set included 113 students from 37 different regions of Azerbaijan. International cooperation The Azerbaijan State University of Economics has connections with foreign universities. Thus, ASUE cooperates with the Siegen University of Germany in the direction of organizing summer and winter schools. In 2016, a winter school was held at the University of Siegen, in which participated teachers and students from both universities. A joint project entitled "Entrepreneurship education: as the main factor in creation of jobs and employment in Azerbaijan" started in 2016 and is planned to be completed in 2019. UNEC was declared the winner of the TEMPUS IV program of