BSTDB Signs Memorandum of Understanding with Islamic Development Bank

Press Release | 15-Dec-2001

Pursuing the policy of developing cooperation with other international financial institutions (IFIs), the Black Sea Trade and Development Bank signed Memorandum of Understanding with the Islamic Development Bank on December15, 2001 in Istanbul.

The memorandum sets a framework and mechanism for coordination of joint efforts of the two IFIs and their cooperation in the economic and social development of the common member countries of Albania, Azerbaijan and Türkiye, thus contributing to the implementation of their respective mandates.

Islamic Development Bank (IDB) is an international financial institution established in 1975 with headquarters in Jeddah (Saudi Arabia). Its membership consists of 54 countries members of the Organization of the Islamic Conference. With the authorized capital equivalent of SDR 15 billion (approx. USD 19,5 billion), the Bank is mandated to foster economic development and social progress in member countries by participating in equity capital and granting loans to enterprises for productive projects, and providing other forms of financial assistance.