Five Observers in Black Sea Trade and Development Bank

Business Materials 9 October 2008 17:13 (UTC +04:00)

Azerbaijan, Baku, 9 October / Trend corr. N.Kirtskhalia /Shareholders of the Black Sea Trade and Development Bank (BTDB) made a decision to grant Nordic Investment Bank (NIB) an observer status. This decision was made in the meeting of the bank Board Managers in Istanbul on 5 October.

As a result NIB became BTDB fifth observer after the KfW (Germany) BANK GROUP, European Investment Bank (EIB), Austrian Development Bank (ADB) and European Departments Association on Financing Development.

The observer status envisages establishment of regular contacts between two international development banks, directed to investigate cooperation and benefit from expertise of each other and comparative priorities. The priority spheres for cooperation envisage joint financing of projects, specific infrastructure; projects on environment, support of small and mid entrepreneurship, finance of BTDB and Black Sea region operations, technical aid; exchange of information on the strategy of countries; other project and market related information, staff change program; joint initiatives in development of entrepreneurship sector in the Black Sea region and others.

NIB observer status is granted dating 5 October 2008 for unlimited period.

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