Azerbaijan, Baku, June 22 / Trend N. Ismayilova /
The Black Sea Trade & Development Bank (BSTDB) and PROPARCO, the French Development Financial Institution, have concluded a loan agreement for the financing of projects of mutual interest in the Black Sea region. For this purpose, PROPARCO will make available a 20 million euro loan to BSTDB for a term of 10 years.
The financing provided under the loan agreement, will be allocated to private sector projects in Albania, Armenia, Azerbaijan, Georgia, Moldova, Turkey and Ukraine. Priority sectors for financing include renewable energy, microfinance, health, education, agribusiness and sustainable tourism.
PROPARCO is a Development Finance Institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs).
BSTDB was established in 1996. It has been operating since June 1999. The bank's head office is located in Thessaloniki (Greece). The share of Azerbaijan's participation in the bank, having 11 member-states, is 5 percent.
The bank has financed 14 projects in Azerbaijan worth 100 million euros for 11 years of its activity.