BSTDB Sets Operational Targets for 2002
Press Release | 20-Dec-2001
The 25th Meeting of the Board of Directors of the Black Sea Trade and Development Bank held on December 14, 2001 in Istanbul approved the budget of the BSTDB and the operational targets of the Bank for the year 2002.The BSTDB will continue to contribute to the economic development of its member countries and of the Black Sea region at large focusing its operational activities in the selected priority sectors of energy, transportation, telecommunications, manufacturing and trade promotion. The subscribed capital of the Bank will stay unchanged at SDR 1 billion (approx. US$ 1,3 billion), while the equity paid-up by the shareholders will reach US$ 293 million in 2002. The operations of BSTDB will cover all its 11 member countries.
The BSTDB plans to increase its signed commitments by 86% compared to 2001 to reach US$ 223 million. The disbursements are expected to surge more than two-fold, to US$ 147 million. The revenues from the Bank’s core lending activities should increase by 78% compared to 2001.
The business targets reflect the finalization of the initial stage of the BSTDB development as financial institution, and starting full-fledged lending activities in conformity with its development mandate.
BSTDB finalized the year 2001 with 31 operations approved by the Board of Directors for the total amount of US$ 226 million, of which 20 operations for US$ 122.6 million account for signed commitments.