Azerbaijan to expand financial operations with BSTDB to develop country's economy
Azerbaijan, Baku, Oct. 19 / Trend , U.Ismayilova/
The Azerbaijan National Confederation of Entrepreneurs (ANCE) during its presidency at the Business Council of the Organization of Black Sea Economic Cooperation (BSEC) held a series of talks with the Black Sea Trade and Development Bank to draw additional credit resources to the country, ANCE President, Mammad Musayev said at the ongoing meeting of the BSEC Business Council in Baku on Oct. 19.
"Basically, the negotiations focused on drawing funds to non-oil sector of the economy," said Musayev.
He said the BSTDB is actively involved in the growth of the economy. The bank issued loans to five local banks and is one of the shareholders of the local Access Bank.
"We are confident that in the future, the World Bank will expand its financial operations in Azerbaijan," said Musayev.
According to the report of the bank, in 2008 BSTDB approved 13 operations for Azerbaijan, and the country's share in the total portfolio of the bank in 11 countries was 5.55 percent. Totally, the bank has approved 100 transactions worth 973.5 million SDR. Of them, 96 operations worth 853.9 million SDR were signed. Azerbaijan's share in the portfolio of the operations signed by the Black Sea Bank in 2008 amounted to 6.33 percent.
According to the above data, at the beginning of 2009, BSTDB financed operations in Azerbaijan worth $83.2 million.
The Black Sea Trade and Development Bank was established by 11 states: Albania (with a share of two percent), Armenia (one percent), Azerbaijan (5percent), Bulgaria (13.5 percent), Greece (16.5 percent), Georgia (0.5 percent), Moldova (one percent), Russia (16.5 percent), Romania (14 percent), Turkey (16.5 percent) and Ukraine (13.5 percent).