KfW to invest $70 mln more in projects in Black Sea region’s countries
Azerbaijan, Baku, Nov.1 / Trend A.Akhundov /
Black Sea Trade and Development Bank (BSTDB) signed a second facility with German Development Bank KfW for $ 70 million in Thessaloniki on Oct.30, 2012, BSTDB said in its press release on Thursday.
"The facility is a reflection of the enhanced cooperation between BSTDB and KfW, a BSTDB Observer institution since 2006," the press release says.
The funds will be invested in infrastructure and SMEs in the Black Sea countries.
BSTDB was established in 1996. It has begun operating since June 1, 1999. The share of Azerbaijan's participation in the capital of the bank hits 5 percent. About 11 countries are BSTDB members.
The bank supports the principles of developing the regional cooperation. It participates in financing the projects in member-countries and in equity. The bank has financed 14 projects worth 100 million euros in Azerbaijan over 11 years.