BSTDB Signs Memorandum of Understanding with the Ministry of Economy, Industry and Trade of Georgia to Facilitate Economic Development

Press Release | 21-May-2001

The Memorandum of Understanding was signed by Mr.Ersoy Volkan, President of BSTDB and Mr. Ivane Chkhartishvili, Minister of Economy, Industry and Trade of Georgia on May 21, 2000 during the Black Sea Business Day held by BSTDB in Tbilisi on the occasion of its Third Annual Meeting.

The Memorandum of Understanding reflects the strategy of BSTDB as regional development bank to support the transition of its member countries, small economies in particular, to the market economy, and to stimulate cooperation in the Black Sea region.

The Memorandum sets a framework for cooperation between the two parties in the fields of small business support and export promotion. The Ministry and BSTDB will form a working group to advise upon the creation of an export credit and insurance agency in Georgia. BSTDB will provide assistance to the Ministry, including financial support, to promote Georgian exports.