BSTDB holds the Black Sea Business Day in Chisinau

On June 17th, 2007, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its Ninth Annual Meeting in Chisinau under the chairmanship of H.E. Mr. Mihail Pop, BSTDB Governor and Minister of Finance of the Republic of Moldova.

2006: BSTDB’s Record Year
Providing a summary of the Bank’s activities and operational priorities, BSTDB President Hayrettin Kaplan pointed out that the Bank enjoyed its most successful year in 2006 since its inception. On the operational side, the activities of the Bank expanded and diversified. In 2006, BSTDB’s Board of Directors approved 28 new operations for USD 281 million, and 22 operations for USD 176 million were signed.

In terms of outturns, 2006 again proved the Bank’s most successful to date. Relative to 2005- namely the first year during which the Bank posted a net profit- the Bank’s net profit increased by 238%, reaching USD 17.2 million). Income before provisions also increased, to USD 19.0 million, an increase of 21% relative to 2005.

Operational Priorities for 2007-2010

President Kaplan emphasized that continuity with respect to past commitments and rapid implementation of the Bank’s policies would drive the BSTDB’s operational priorities for the next three years. The Bank’s main operational targets are to double its portfolio by the end of 2009, further strengthen its credit rating and diversify its portfolio. The Bank will also strengthen its focus on the smaller countries of operation, where needs are greatest.

On the occasion of the Annual Meeting, BSTDB organized the Black Sea Business Day on 18 June 2007. The discussions of the Business Day focused on the role of international institutions in economic development and on the international investments as a catalyst of sustainable development.

Republican Palace: venue of the 2007 Black Sea Business Day

The conference, inaugurated by the Prime Minister of Moldova, attracted about 250 Moldovan and international participants representing the international banking and business community. Ministers of the Moldovan Government and representatives of IFIs including the European Investment Bank, the European Bank for Reconstruction and Development, International Finance Corporation, Nordic Investment Bank, as well as KfW Banking Group of Germany and other regional investors shared their views on the international development assistance and investment promotion. The Black Sea Business Day offered a good opportunity to interested companies, investors and bankers to discuss business prospects in Moldova and in the wider Black Sea region.

The Board thanked Mr. Mihail Pop for his successful chairmanship since June 2006. The Board elected Ms. Svetlana Ganeeva, Governor for the Russian Federation as the new Chairperson of the BSDTB Board of Governors, as well as the Governors for Türkiye and Albania, as the two Deputy Chairmen, for a period of one year until the next Annual Meeting scheduled to take place in St. Petersburg on June 8, 2008.

The signing of two operations between the BSTDB and Moldovan banks gave another evidence of the success of the Black Sea Business Day as a business generating event.