Bank, of which Azerbaijan is member, issues loans worth about 9 billion euros

‘Black Sea Trade and Development Bank’ (BSTDB), of which Azerbaijan is a member, has issued loans worth more than 8.8 billion euros over 25 years of its activity. This is stated in the report published by the Ministry of Finance following the 26th annual meeting of the BSTDB's Board of Directors in Istanbul.

Note that the meeting was attended by the Board member, Minister Samir Sharifov. It was noted at the event that the BSTDB, overcoming regional and global difficulties and economic crises, has demonstrated stability as an important financial institution, supported hundreds of customers from the private and public sectors. The BSTDB's investments have led to significant progress in important sectors of member-economies, including manufacturing, infrastructure, energy, transport, telecommunications, agriculture and finance.

At the meeting, the BSTDB Board of Directors approved Phase 2 of the medium-term strategic and business plan for 2023-2026. It was stated that following the regional tensions in 2022-2024, the war and the difficulties caused by it, the bank aims to return to a successful business model through 2022 - stable and sizeable growth.

Recall that the BSTDB, headquartered in Thessaloniki, Greece, was established in January 1997 by the member-states of the Organisation of the Black Sea Economic Cooperation  - Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Moldova, Romania, Russia, Turkey, Greece and Ukraine. The Bank supports economic development and regional co-operation, and is involved in providing loans to member-countries, opening credit lines, providing guarantees if no investments are made, and financing trade.