BSTDB to sign loan agreements with Azerbaijan’s financial institutions

Photo: BSTDB to sign loan agreements with Azerbaijan’s financial institutions
 / Finance

Azerbaijan, Baku, 15 June / Trend E. Aliyev /

The Black Sea Trade and Development Bank (BSTDB) is preparing to allocate loans to the sum of $34 million to the four financial institutions in Azerbaijan, BSTDB reported to Trend on Saturday.

"Loan resources will be allocated to three banks and a non-banking institution. Funds are intended to support the development of small and medium-sized enterprises," the bank informed.

As reported in the bank, two of the borrowers are already BSTDB customers.

The loan agreements will be signed on June 23 at the XV annual meeting of the Black Sea Trade and Development Bank, which will be held in Baku on June 20-23.

At present, the bank's activities are mostly concentrated in the financial sector. BSTDB has opened credit lines to ten Azerbaijani banks - International Bank of Azerbaijan, Access Bank, AGBank, Unibank, Texnika Bank, Demir Bank, Kapital Bank, Azer-Turk Bank, Bank Standard and Bank Respublika.
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One contract was signed in the real sector with a retail chain of ADA Almali Retail.

At present, Greece, Russia and Turkey remain the bank's largest shareholders with stakes of 16.5 percent each. Romania owns 14 percent, Bulgaria and Ukraine - 13.5 percent each, Azerbaijan - five percent, Albania - two percent, Armenia and Moldova - one percent each, and Georgia - 0.5 percent.

The bank's governor from Azerbaijan is the Minister of Economic Development Shahin Mustafayev and his deputy is Finance Minister Samir Sharifov.

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