BSTDB Holds its Eight Annual Meeting of the Board of Governors in Baku, Azerbaijan

Press Release | 11-Jun-2006

On June 11th, 2006, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its Eight Annual Meeting in Baku under the chairmanship of H.E. Heydar Babayev, BSTDB Governor for Azerbaijan, Minister of Economic Development of Azerbaijan Republic. BSTDB is the first international financial institution to hold its Annual Meeting in Azerbaijan.

The Board of Governors approved the financial statements of the Bank for the year 2005 showing the loan portfolio increased to over USD 670 million, and profitability achieved one year ahead of expectations.

The Board of Governors reaffirmed the commitment of the member states’ governments to the regional development mandate of BSTDB.

The Governors expressed their appreciation to H.E. Mr. Heydar Babayev for his successful Chairmanship of the Board since June 2005. The Board elected the Governor for the Republic of Moldova as the new Chairman of the BSTDB Board of Governors, as well as the Governors for Azerbaijan and Türkiye as Vice Chairmen of the Board, for a period of one year until the end of the 9th Annual Meeting of the Board, which was decided to take place in Chisinau, Moldova on June 10, 2007.

KfW Banking Group (Germany) was granted Observer Status with BSTDB.

Representatives of the Organization of Black Sea Economic Cooperation (BSEC), BSEC Business Council, and BSEC Parliamentary Assembly (PABSEC) participated in the Meeting as special guests.