BSTDB Holds its Annual Meeting in Greece

Date:  12-Jun-2016
Venue:  ChaniaGreece

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The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its 18th Annual Meeting under the Chairmanship of Mr. George Stathakis, Minister of Economy, Development and Tourism of Greece, in Chania, Crete.


The Board reconfirmed the strong support of shareholding Governments for the Bank and its growing contribution to regional development.


The Governors supported the ongoing implementation of the Bank's strategy for 2015-2018, which envisages a manageable annual portfolio growth of 7.5% , while achieving a balanced portfolio distribution by country and sector.


The Board approved the 2015 financial statements and the allocation of the net profit of EUR 15.2 million registered by the Bank - the 11th consecutive year it has been in profit.


The Board of Governors resolved to grant BSTDB Observer Status to the Islamic Corporation for the Development of the Private Sector, a private sector arm of the Islamic Development Bank, to facilitate cooperation in the common member countries of Albania, Azerbaijan and Turkey.


The Board elected the Governor for Moldova as Chairman of the Board of Governors. The Governors for Romania and for the Russian Federation were elected Deputy Chairmen, for a period of one year until the next BSTDB Annual Meeting which will take place in Chisinau (Moldova) in June 2017.


The Annual Meeting was attended by Representatives of the Parliamentary Assembly and the Business Council of the Black Sea Economic Cooperation and the BSTDB Observer institutions of: EBRD, EIB, IFC, IIB, KfW, and the Development Bank of Austria.