BSTDB to study Azerbaijan's experience in economic diversification
Azerbaijan, Baku, 20 June / Trend E.Aliyev /
In the course of the activities planned within the framework of the Annual Meeting of the Black Sea Trade and Development Bank (BSTDB), which will be held in Baku, the bank will study Azerbaijan's experience in economic diversification, BSTDB chairman Andrei Kondakov told journalists on Thursday.
Baku will host the 15th Annual General Meeting (AGM) of the Governing Council of the Black Sea Trade and Development Bank on June 20-23. A business forum with the participation of international financial institutions and organisations of the bank's member countries will also be held at the event.
"One of the goals of the business forum is the presentation of the Azerbaijani economy and establishment of business and investment climate for foreign investors and international financial institutions in the country. This will strengthen and expand economic ties between the bank's member countries," Kondakov said.
Currently, the bank's activities are mainly concentrated in the financial sector. BSTDB opened credit lines to 10 Azerbaijani banks - International Bank of Azerbaijan, Access Bank, AGBank, Unibank, Texnika Bank, Demir Bank, Kapital Bank, Azer-Turk Bank, Bank Standard and Bank Respublika.
In the real sector, a contract was signed with ADA Almali Retail.
At present, Greece, Russia and Turkey remain the largest shareholders with stakes of 16.5 per cent each. Romania owns 14 per cent, Bulgaria and Ukraine - 13.5 per cent each, Azerbaijan - five per cent, Albania - two per cent, Armenia and Moldova - one per cent each, and Georgia - 0.5 per cent.
The bank's governor from Azerbaijan is the Minister of Economic Development Shahin Mustafayev and his deputy is Finance Minister Samir Sharifov.