The 8-th annual sitting of the Board of Directors of the Black Sea Bank for Trade and Development (BSBTD) is scheduled for 11 June 2006 in Baku, the government told Trend. Due to the chairmanship of Azerbaijan in the bank, which the country overtook since June 2005, for the first time the yearly sitting will take place in Baku. The next day, on 12 June the business forum of the Black Sea countries will be held.
In regard to the events scheduled, the organizational committee chaired by the Minister of Economic Development Heydar Babayev has been set up by the decree of the Azerbaijan president, with the deputy Samir Sharifov, the chairman of the State Oil Fund of Azerbaijan (SOFAR), who is director at BSBTD from Azerbaijan.
Рђzerbaijan became BSBTD member from the moment of its establishing in 1997. The collaboration between BSBTD and Azerbaijan is currently based on the strategy approved in March 2005 at the banks Board of Directors. A new strategy is designed for three years, however the volumes of funding are not specified there yet. The volumes of funding depend on fulfillment of commitments on the membership payment fees. Meanwhile, the lines of financing are defined in the strategy: the banking sector, infrastructure projects (transport, communication and etc.), although BSBTD prefers the banking sector.