Azerbaijan, Baku, 20 June / Trend E. Aliyev /
Azerbaijan's economy is rapidly and extensively developing, and the Black Sea Trade and Development Bank sees good opportunities for further business expansion here, BSTDB chairman Andrei Kondakov told Trend.
"Azerbaijani's portfolio in BSBTD is much higher than those of Georgia and Armenia. The leverage factor (i.e., the financial impact on each country's sub unit of currency) is 6x for Azerbaijan. That is, for every one euro invested in BSTDB capital, the country receives an effect of six euros. According to this indicator, the country is in the top three among the member countries of the bank. Azerbaijan's share in the capital of the bank amounts to five per cent and the balance portfolio is 10 per cent. According to this indicator, the country is in fourth place among BSTDB's participants," Kondakov said.
In addition, the country meets its obligations to BSTDB speedily. Azerbaijan makes payments on the subscribed capital of the bank in April, although it can be made up to 31 December each year, the head of the bank said.
According to him, the South Caucasus region has not escaped the negative effects of the global economic crisis.
"However, Azerbaijan's economy is developing successfully and the economic results of the country for the first four months of 2013 are encouraging. The country managed to significantly reduce the rate of inflation which is not always the case in the oil economies. Separately, the trend of accelerated growth of the country's non-oil sector should also be noted. This is the result of the effective and successful policy of diversification of Azerbaijan's economy," Kondakov said.
According to the head of the Black Sea Bank, the business forum held in Baku on Friday will mainly focus on diversification issues.
"We hope to be able to discuss the useful experience of Azerbaijan in this sphere which I think will be of interest to the foreign participants of the forum," Kondakov added.
Shareholders of the Black Sea Trade and Development Bank are the 11 states: Russia, Turkey and Greece holding 16.5 per cent of the shares, Romania - 14 per cent, Bulgaria and Ukraine - 13.5 per cent and Azerbaijan five per cent. Two per cent are owned by Albania, one per cent - Armenia and another 0.5 per cent by Georgia.
The bank's authorised capital amounts to 3.5 billion euros, with subscribed capital at 2.3 billion euros.