BSTDB holds its Annual Meeting of the Board of Governors

Press Release | 14-Jun-2009

On June 14th, 2009, the Board of Governors of BSTDB held its 11th Annual Meeting in Thessaloniki, Greece under the Chairmanship of Mr. Konstantinos Kollias, BSTDB Alternate Governor for the Hellenic Republic.

The Board approved the financial statements of the Bank for 2008, showing a 44% increase of net profit amounted to SDR 13.1 million (appx. USD 20 million). Outstanding operations increased by 30%, in comparison to 2007, to a total of SDR 617 million (USD 950 million) while the Bank succeeded in closing the year without any non-performing loans. Discussing the Bank’s strategy for 2009-2010, the Board decided that the main objective would be on securing adequate funding, maintaining the portfolio quality and controlling the expenses. New operations should be approved on the basis of their development impact, financial sustainability and cost recovery. Responding to the demand of its member-countries, the Bank intends to shift towards more public sector and public-private partnerships and cross-border activities.

The Board approved the application for Observer Status with BSTDB received by the International Investment Bank (based in Moscow), which became the 6th BSTDB Observer Institution. The Observer Status provides a flexible framework for developing regular working relations between BSTDB and Observer Institutions aimed at joint and coordinated activities in the Black Sea Region, including project co-financing and technical cooperation.

The Board elected Mr. Ibrahim Canakci, BSTDB Governor for Türkiye, Undersecretary of Treasury of the Republic of Türkiye as the new Chairman of the Board of Governors for the period until the next Annual Meeting of the Board. Governors for Armenia and Bulgaria were elected Deputy Chairmen of the Board. The next BSTDB Annual Meeting was decided to take place in Istanbul on 6 June 2010.

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The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The recently increased authorized capital of the Bank is SDR 3 billion (approx. USD 4,85 billion). BSTDB is rated Long Term Baa1 and Short Term P2 with positive outlook by Moody’s.