BSTDB Holds its 7th Annual Meeting of the Board of Governors

Press Release | 05-Jun-2005

On June 5, 2005, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its Seventh Annual Meeting in Yerevan.

The Board of Governors approved the financial statements of the Bank for the year 2004 and the Bank’s Annual Report showing a 43% increase from the previous year in the outstanding loan portfolio to reach USD 380 million.

The Board of Governors reaffirmed the commitment of the shareholding countries to the regional development mission of BSTDB. The Board of Governors expressed its gratitude to Mr. Vardan Khachatryan, BSTDB Governor for Armenia and Minister of Finance and Economy of the Republic of Armenia for his successful Chairmanship of the Board since June 2004. The Board elected the Governor for the Republic of Azerbaijan 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 of one year till the next Annual Meeting decided to take place in Baky, Azerbaijan, on June 11, 2006.

The Board of Governors’ discussions paved the way for the signing of a Memorandum of Understanding with other International Financial Institutions and the European Union.

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 660 million.