BSTDB Holds its Third Annual Meeting and the Black Sea Business Day
Press Release | 21-May-2001
On May 20-21, 2001 the Black Sea Trade and Development bank (BSTDB) held its Third Annual Meeting of the Board of Governors and the Black Sea Business Day in Tbilisi, Georgia. BSTDB became the first international financial institution to have its Annual Meeting in the Caucasus, which reflects the growing importance that the Bank attaches to the region, and small economies in particular.
The BSTDB Board of Governors has approved the financial statements of the Bank for the year 2000 showing a positive net income of the institution, which stays profitable for the second year elapsed after the inauguration of the Bank in 1999.
The Board thanked the President and the Management of BSTDB and gave a positive assessment to the policy and operational activities of the BSTDB in the year 2000 focused on projects in the priority sectors of energy, transport, including ports and maritime, manufacturing and telecommunications, as well as trade financing. Support of small and medium sized enterprises (SME) will also remain a priority. BSTDB will strengthen its effort on facilitating cross-border cooperation among its counties of operation. Following the recommendations of the Board, the President and the Management of the Bank aim to provide expedient respond to the changes taking place in the economic situation in the member countries, adapting its policies accordingly. Closer interaction with the Organization of the Black Sea Economic Cooperation (BSEC) is encouraged.
The Board expressed its gratitude to Mr. Merab Kakulia, Vice President of the National bank of Georgia, for his successful work in the capacity of Chairman of the BSTDB Board of Governors. The Board elected Mr. Svetoslav Gavriisky, Governor of the National bank of Bulgaria, Chairman of the BSTDB Board of Governors, and two Deputy Chairmen of the Board for the period till its next Annual Meeting, which is to take place in Thessaloniki, Greece on April 14, 2002.
The Black Sea Business Day opened by Mr. Ersoy Volkan, President of BSTDB at Tbilisi Sheraton Metechi hotel gathered more than 250 businessmen, bankers, investors, as well as high-level officials from the countries of the region, Western Europe, and overseas. H.E. Eduard Shevardnadze, President of Georgia, inaugurated the event inviting international investors to Georgia and stressing the important role of the BSTDB as the regional developing bank in mobilizing financial resources to the region, Caucasus countries and to small economies in particular. The four dedicated round table discussions highlighted the problems and opportunities of doing business in the strategic sectors of energy, ports and maritime, as well as investing in the small countries of the Black Sea region. The event provided a unique opportunity for the businessmen to meet international investors, development banks, rating agencies, and commercial banks active in the region to share their experience, and to discuss projects.
The Memorandum of Understanding between the BSTDB and the Ministry of Economy, Industry and Trade of Georgia, as well as four credit line agreements signed by the President of BSTDB with Russian and Georgian commercial banks for the total amount of US$12 million to facilitate the development of trade in the region, manifested concrete contribution of the Bank to the economic cooperation in the Black Sea area.
The signing of a framework cooperation agreement between the Vneshtorgbank (Russia) and the Bank of Georgia gave another evidence of the success of the Black Sea Business Day as a business generating event.