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Azerbaijan to Participate in Meeting of BSBTD Council of Directors

Business Materials 9 October 2006 12:30 (UTC +04:00)

The next meeting of the Council of Directors of the Black Sea Bank for Trade and Development (BSBTD) will take place in Salonik (Greece). Azerbaijan will be represented at the meeting by BSBTD Country Director, Deputy Economic Development Minister Mikail Jabbarov, Trend reports with reference to the Economic Development Ministry of Azerbaijan.

The agenda of the meeting includes the prospects of the development of the co-operation between the BSBTD member-countries and other questions linked with the working out of the BSBTD action program for next years. In addition, Jabbarov will discuss the projects realized in Azerbaijan through the financial resources of BSBTD and expansion of the bank activities in the country.

The co-operation between BSBTD and Azerbaijan is realized on base of the strategy confirmed in March 2005 in the BSBTD Council of Directors. The new strategy is intended for upcoming three years, but the amount of the finance is not described in the strategy. The amount of the funds still depends on Azerbaijan's fulfillment of the obligations regarding payment of the membership fee

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The share of Azerbaijan in the bank amounts to SDR 6 million, SDR 2 mln out of which had to be paid immediately after the ratification of the Agreement on Azerbaijan's entrance to BSBTD. However, due to the financial difficulties of Azerbaijan at that time (2000) the payment of the debts was completed this year.

the Agreement on Azerbaijan's entrance to BSBTD was ratified in 2000, but by present finances were allocated only for the projects of Azerbaijani banks International Bank, Texnikabank, Bank Respublika, Azerdemiryolbank, Capital Bank and UniBank. Beside the credit line in amount of $6.5 million for the International Bank, BSBTD decided to allocate в'¬5m to finance the construction of the glass plant through this bank. In addition, BSBTD possesses participation share in the share capital of the Azerbaijan Micro-Finance Bank.

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