Azerbaijan, Baku, July 2 / Trend A. Akhundov /
The Board elected the Governor for the Republic of Azerbaijan as the new Chairman of the BSTDB Board of Governors, the bank said today.
The Governors for the Republic of Bulgaria and Georgia were elected as Deputy Chairmen, for a period of one year until the next Annual Meeting decided to take place in Baku, Azerbaijan, on June 9, 2013.
On June 24, 2012, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its 14th Annual Meeting in Yerevan.
The Board of Governors approved the Bank's Annual Report and financial statements for the year 2011 showing a net profit of 10.1 million euro despite the continuing global uncertainties. Board approvals during 2011 reached 359.3 million euro, an increase of 67.7 percent over the previous year.
Minister of Economic Development Shahin Mustafayev is a manager in BSTDB from the Azerbaijani side, but Finance Minister Samir Sharifov - his deputy.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries.
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