BSTDB reveals planned volume of lending to Azerbaijan for 2018

Business Materials 27 March 2018 16:15 (UTC +04:00)

Baku, Azerbaijan, March 27

By Azad Hasanli - Trend:

The Black Sea Trade and Development Bank (BSTDB) may allocate about 48 million euros for projects in Azerbaijan in 2018, a source in the bank told Trend March 27.

The BSTDB doesn’t allocate specific amounts of financing to its member countries, the source said.

Rather, the bank seeks to be demand-oriented and to maintain an adequate presence in every member country, according to the source.

“The adequate presence is laid out the Bank’s four-year Medium Term Strategy and Business Plan for the 2015-2018 period and the attendant Country Strategies,” the source noted. “In case of Azerbaijan, we target a range of Board approvals on the order of 141 million euros plus/minus 20 percent, and a level of commitments (signed operations) on the order of 123 million euros plus/minus 20 percent.”

Through the end of 2017, BSTDB’s Board approvals in 2015-2017 stood at 93.1 million euros and signed operations were at 91.1 million euros, meaning that the bank is currently on track to meet these operating targets for Azerbaijan, the source said.

BSTDB has enjoyed great success over the years operating in Azerbaijan, with bank’s cumulative amount of disbursed financing (since 1999) exceeding 330 million euros, according to the source.

“We are confident that as the banking crisis of the last couple of years recedes and economic activity picks up, we will be well placed to continue the excellent cooperation [with Azerbaijan] we have had,” the source noted.

“We are open for business in all sectors, but we are especially keen to work with municipal authorities to help meet local/regional infrastructure needs and to work with up and coming firms in the non-energy sectors of the economy that require access to financing in order to meet their full potential,” the source added.

The BSTDB was established by Azerbaijan, Albania, Bulgaria, Georgia, Greece, Moldova, Armenia, Romania, Turkey, Ukraine and Russia. The bank’s authorized capital is 3.45 billion euros.