Azerbaijan, Baku, June 16 / Trend N. Ismayilova /
On June 13, 2010, the Board of Governors of BSTDB held its 12-th Annual Meeting in Istanbul under the Chairmanship of Mr. Ibrahim Canakci, BSTDB Governor for the Republic of Turkey and Undersecretary of Treasury of the Republic of Turkey.
The Board approved the financial statements of the Bank for 2009, which demonstrated that despite the world financial crisis the institution performed according to its plans focusing on maintaining the high quality of the existing portfolio and seeking to consolidate activities and improve effectiveness after several years of rapid operational growth.
As a result, the Bank managed to finalize the year without any new non-performing loans and posted a net profit of SDR 9,7 million (approx. $15,2 million). The Bank's portfolio at the end 2009 included 91 operations for the total outstanding amount of $907 million.
During the year, 17 new operations were approved for $230 million. The Governors reaffirmed the commitment of the member states' Governments to the regional development mandate of BSTDB.
IFC and PROPARCO (French development agency) were granted Observer Status with BSTDB upon their request.
The Board of Governors elected Mr. Nezir Haldeda, Governor for Albania as the new Chairman of the BSDTB Board of Governors, as well as the Governors for Romania and Ukraine as the two Deputy Chairmen, for a period of one year until the next Annual Meeting decided to take place in Tirana in June 2011.
H.E. Mr. S. Kouvelis, Chairman-in-Office of the Organization of the Black Sea Economic Cooperation (BSEC) and Deputy Minister of Foreign Affairs of Greece participated in the Meeting together with heads of all BSEC family institutions - the Parliamentary Assembly of BSEC (PABSEC), BSEC Business Council and the International Center for Black Sea Studies. Representatives of European Investment Bank (EIB), Nordic Investment Bank (NIB), International Finance Corporation (IFC), KfW of Germany and Development Bank of Austria (OeEB) also attended the Annual Meeting as Observers.
The Black Sea Trade and Development Bank (BSTDB) is an international
financial institution established by Albania (2 percent), Armenia (1 percent), Azerbaijan (5 percent), Bulgaria (13.5 percent), Georgia (0.5 percent), Greece (16.5 percent), Moldova (1 percent), Romania (14 percent), Russia (16.5 percent), Turkey (16.5 percent), and Ukraine 913.5 percent).