BSTDB Holds its Sixth Annual Meeting of the Board of Governors

Press Release | 06-Jun-2004

 On June 6, 2004, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its Sixth Annual Meeting in Tirana.

The Board of Governors approved the financial statements of the Bank for the year 2003 and the Bank’s Annual Report showing a strong growth in financial commitments to over USD 400 million.

The Board of Governors reaffirmed the commitment of the member-countries to the regional development mission of BSTDB. In 2004 the Bank marked five years of operation, which brought the necessary credibility in the market and proved that the BSTDB is able to offer financial products representing a value added to the business and entrepreneurs active in its members of operation.

The Board of Governors expressed its gratitude to Ms. Adriana Berberi, BSTDB Governor for Albania and Deputy Minister of Finance of the Republic of Albania for her successful Chairmanship of the Board since June 2003. The Board elected the Governor for the Republic of Armenia, as the new Chairman of the BSTDB Board of Governors, as well as the Governors for Moldova and the Russian Federation as the two Deputy Chairmen, for the period till the end of the Seventh Annual Meeting which will take place in Yerevan, Armenia, on June 5, 2005.

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. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing for investment projects and trade transactions in public and private sectors in its member countries. Since the commencement of operations in 1999, BSTDB's Board of Directors has approved operations totaling almost USD 600 million.