BSTDB Board of Governors Elects New Chairman
Press Release | 14-Apr-2002
The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) has designated the Hellenic Republic to chair the Board of Governors until the next Annual Meeting scheduled in May 2003. During its Fourth Annual Meeting held in Thessaloniki on Sunday, April 14th 2002, the Board elected Mr. Minas Stavrakakis as its Chairman, replacing Mr. Svetoslav Gavriiski, the BSTDB Governor for Bulgaria.Mr. Minas Stavrakakis, who had already been elected Vice-Chairman of the BSTDB Board of Governors in the Third Annual Meeting held in May 2001, is Secretary General of International Economic Relations in the Ministry of National Economy of Greece. In his acceptance address to the Board, Mr. Stavrakakis stressed the continuing strong commitment of the Hellenic Republic to economic development and cooperation in the Black Sea region and his understanding that the Bank, after a successful period of establishment, will now elaborate a medium-term strategy focusing on enlargement and expansion of its activities.
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. BSTDB’s headquarters are in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,3 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects supporting both public and private enterprises in its Member Countries. Since its commencement of operations in 1999, BSTDB's Board of Directors has approved 44 projects totaling over 360 million US Dollars.