Black Sea Bank Likely to Approve Projects on Azerbaijan

Azerbaijan, Baku, 31 January / corr Trend I.Khalilova / The Board of Directors of the Black Sea Bank for trade and Development is expected to approve two projects on Azerbaijan during its upcoming meeting in Salonika on 1 February, Mikayil Jabbarov, the Azerbaijani Deputy Minister for Economic development, also BBTD Director from Azerbaijan, said. He is expected attend the gathering.

Both projects cover the banking sector. Firstly it is planned increase the statutory capital at the Azerbaijani Micro-Finance Bank and secondly, to open a credit line for one of the banks. Their total cost is approximately $10 mln.

"The Black Sea Bank is mainly involved in the banking sector and we insist in the implementation of more projects in the real sector, the deputy minister said.

Such opportunities exist in connection with the expected doubling of the BBTD's capital to

$3bln and increase of Azerbaijan's share from the exiting 2% to 5% through purchase of vacant 3% -stock in the bank's capital. Some 2% of the BBTD's statutory capital remains undistributed because three countries ( Armenia, Georgia and Moldova) willfully reduced their participation share by 50% (from 2% to 1%). Respectively, other BBTD member-countries should pay for them, whereas Azerbaijan stated its wish to purchase them and all member-countries agreed with it.

The BBTD has functioned in Azerbaijan since 1 June 1999. Since its functioning in Azerbaijan the bank financed 10 projects in the Azerbaijan with the total budget of $40,073,700. The loan line was opened for the International Bank of Azerbaijan, Bank Respublika, Texnika Bank, Azerdemiryolbank, Kapital Bank, Unibank and the Azerbaijan MicroFinance Bank.

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