BSTDB Annual Meeting in Istanbul Marks 20 Years of Operations
Event | 16-Jun-2019
On 16 June 2019, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its Annual Meeting under the Chairmanship of Mr. Bülent Aksu, Deputy Minister of Treasury and Finance and BSTDB Governor for the Republic of Türkiye.
The Board of Governors evaluated the Bank’s operational activities and approved the 2018 financial statements. During the year, the Board of Directors approved 28 new projects for EUR 570 million, up 8.6% from 2017.
Commitments increased 54%, as 30 operations amounting to EUR 620 million were signed. Disbursements grew nearly 46% over 2017, to EUR 574 million. This level of operational activity established new annual highs for the Bank, while profitability was maintained for the fourteenth consecutive year.
June 2019 marks BSTDB’s 20th anniversary of operations in the Black Sea region. Over the period, the Bank has disbursed over 5 billion euros to hundreds of private and public sector clients, supporting national economic policy priorities in member countries in key sectors of manufacturing, infrastructure, energy, transport, telecommunications, agriculture, and the financial sector. To finance those operations, the Bank has raised over 6 billion euros in international capital markets, in addition to its own capital resources. For many years, BSTDB has remained the best-rated institution in the Black Sea region and one of the top-rated in the Eastern and Central Europe.
The Board elected the Governor for Ukraine as Chairman of the Board of Governors. The Governors for the Republic of Albania and the Republic of Armenia were elected as Deputy Chairs, for a period of one year. Ukraine will host the next BSTDB Annual Meeting in June 2020.
