BSTDB head to visit Azerbaijan

By Azernews

By Abdul Kerimkhanov

BSTDB and Azerbaijan are eyeing further cooperation, as new President of the Black Sea Trade and Development Bank (BSTDB) Dmitry Pankin is expected to visit Baku on December 13-14.

The bank added that Pankin would take part in a meeting of the Council of Ministers of the Organization of the Black Sea Economic Cooperation (BSEC) and meet with officials of the country to discuss the new strategy of the bank, developed for the period 2019-2022.

“The visit program is at the preparatory stage,” the bank said.

Dmitry Pankin became president of the BSTDB in July 2018. In this position, he replaced Ihsan Delikanly in connection with the expiration of the four-year term of the latter one.

The Black Sea Trade and Development Bank is an international financial institution established to support regional development and cooperation of the countries of the Black Sea region.

The objectives of the bank are the development of trade relations in the region, the promotion of international projects, the promotion of foreign investment, the provision of guarantees for the development of trade and economic relations both at the state level and in private business.

The Black Sea Trade and Development Bank belongs to international organization Black Sea Economic Cooperation.

BSTDB was established by Albania, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, Armenia and Ukraine which are the 11 founding countries of the Black Sea Economic Cooperation (BSEC) as a financial pillar of BSEC. The headquarters of the BSTDB is located in Thessaloniki (Greece). As of end 2017, BSTDB cumulative portfolio in its 11 member countries has reached 365 approved operations in the key sectors of infrastructure, energy, transport, manufacturing, telecommunications, financial sector and other important areas amounting to about 5 billion euros ($5.7 billion).

In 2018, the BSTDB plans to allocate about 48 million euros for projects in Azerbaijan. As a result of last year, 93.1 million euros ($106 million) have already been allocated to Azerbaijan and contracts for 91.1 million euros ($103.5 million) have been signed. In general, until today, the bank has allocated loans worth 330 million euros ($375 million) for projects in Azerbaijan.