Samir Sharifov: BSTD Bank Capital Contribution Increase Depended on Its Board of Governors Decision
The Azerbaijan Government states its position on the Black Sea Trade and Development Bank`s capital contribution increase, the Finance Minister Samir Sharifov told IAA Trend. According to him, the bank`s authorized capital stock additional capitalization to be fully discussed at the annual meeting of the bank`s board of governors to be held on June 11 in Baku.
Today, 3 per cent of the bank`s authorized capital stock remained undistributed, as the three countries (Armenia, Georgia and Moldova) voluntarily reduced their share on 50 per cent (from 2 per cent down to 1 per cent). That means that their share must be paid by other BSTD Bank`s country-members.
The bank has some approaches to this issue, and that will be discussed during the meeting in Baku. Azerbaijan will come to a concrete decision on the assumption of the Bord of Governors` decision, told Mr. S. Sharifov.
The bank`s declared authorized capital stock makes up 1 b SDR ($1,325 b), from which is fully paid 30 per cent (300 m SDR). The Azerbaijan share comprises 2 per cent (6 m SDR) that also put into the bank`s authorized capital stock.
The complete payment of Azerbaijan`s share in the bank`s authorized capital stock increases opportunities to expand the bank`s activity and increase its financing projects implemented in the country, Kharalampos Tsarukhas, the Bank`s Secretary General told at the conference on May 18.