Azerbaijan, Baku / corr Trend I.Khalilova / For the first time the Black Sea Economic Cooperation (BSEC) will combine its meeting of senior officials of the BSEC Committee and the Board of Directors of the Black Sea Bank for Trade and Development (BBTD). The delegation will be headed by Mikayil Jabbarov, the Deputy Minister for Economic Development of Azerbaijan and BBTD Director for Azerbaijan.
BSEC members always call on "effective" contacts in the organization and its structures in the Black Sea region and the bank, Mahmud Mammad-Guliyev, the Azerbaijani Deputy Foreign Minister, said on 25 September.
The Black Sea bank works independently, whereas the activities of BSEC must be oriented on the realization of concrete projects to be financed by the BBTD.
The Board of Directors of the BBTD will assemble at the 56th meeting in Istanbul, because the BSEC is holding its meeting in Turkey.
Azerbaijan expressed its wish to increase its stock in the BBTD through the vacant 3%-share and the bank approved this. At present, this issue is being considered in Government, but it is unknown whether it will be discussed by the Board of Directors. Azerbaijan subscribes to a 2%-stock of the bank and Azerbaijan's share in BBTD is 6mln SDR.
As Azerbaijan leaves behind all countries of the Caspian and Black Sea regions in economic growth rate and BBTD plans to double its credit portfolio during three years, this country is given significance.
The BBTD's portfolio for Azerbaijan has been formed in the amount of $31mln in eight programs over the last five years.
BSEC and BBTD were established in 1999.