Over the past 4 years the portfolio of the Bank Sea Trade and Development Bank (BSTDB) in Azerbaijan has been formed in the amount of $31m over 8 projects, which comprises 3% of the total loan, Khayrettin Kaplan, told journalists.
$26m of the funds was allocated for the baking sector, while in future it is planned to expand the financing spheres and cover the production and refining industry. A number of meetings have been held in Baku and I hope that as a result of analysis there will be taken a resolution on financing new projects, the present of the bank stressed.
Kaplan expects that this year the amount of financing will be increased in the region, including Azerbaijan. It enables to end the year with profit of 3.4m SDR ($5m), which will be left in the bank and these funds will be directed at crediting the projects of the banks member-states. In 2006 is expected to achieve the same profits. Along with the BSTDB attracted a $60m syndicated credit and if necessary is ready to go to syndication with the international financial institutes.