The 8th meeting of the Board of Managers of the Black sea Bank for Trade and Development (BBTD) will be held in Baku on 11 June 2006. Samir Sharifov, the Director of the State Oil Fund of Azerbaijan, said the Baku meeting will also focus on additional capitalization of statutory capital of the BBTD.
Today 3% of the statutory capital is vacant as three countries (Armenia, Georgia and Moldova) decreased their capital from 2%
to 1%. Respectively, other member-countries of the bank are to repay their shares. Azerbaijan can also participate in the subscription if the government wishes, while there are countries which are eager to acquire the entire packet.
This year Azerbaijan will also conclude subscription for ownership of 2% of shares. The country is late with payment of fund on the subscription, which was to complete by spring 2005. However, there should not any problem, as the funds have been projected in the public budget and will be remitted, Sharifov noted.