Baku hosts the 24th annual meeting of the Board of Governors of the BSTDB
Baku, June 24, AZERTAC
The 24th annual meeting of the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) was held in Baku on June 23.
Opening the meeting, Minister of Finance, Chairman for the Republic of Azerbaijan of the BSTDB, Samir Sharifov, said that the Black Sea Trade and Development Bank has successfully overcome the difficulties of the coronavirus pandemic and has significantly increased its capital in 2021. He noted that Azerbaijan, as a country active in the development of the bank, will continue to support efforts to increase its capital.
Underlining Azerbaijan’s commitment to the economic development of the region, Sharifov also referred to the difficulties created by the Russian-Ukrainian war, noting that the countries of the region are feeling the negative effects of the war the most.
“The Russian-Ukrainian war and the events around the Black Sea have created problems with logistics, especially the transport of food products. The fact that both countries are major producers and suppliers of cereals and vegetable oils and that it threatens global food security in general, unfortunately the war is not yet over and the consequences of geopolitical tensions in the region are unknown.
The minister noted that international financial institutions should assess all the difficulties related to the COVID-19 pandemic and the war. “The whole world, including our country, is facing global inflationary pressures. The Azerbaijani government is developing and implementing some anti-inflationary measures on the instructions of the President. These measures consist mainly of the elimination of customs duties and taxes on imported food in the Necessary decisions are made and as a result of their implementation, prices will drop slightly, ”said Sharifov.
Speaking at the annual meeting, Dmitry Pankin, President of the Black Sea Trade and Development Bank, said that the situation in the world has changed due to the conflict in Ukraine and the bank must determine its role and how it could contribute to future development. Noting that Azerbaijan is a major shareholder of the BSTDB, Pankin said new opportunities for cooperation are being explored. According to him, there are new opportunities for the development of cooperation, especially in the field of renewable energy sources.
In his speech, the Secretary General of the International Secretariat of the Parliamentary Assembly for Black Sea Economic Cooperation (PABSEC), Asaf Hajiyev, called on the Black Sea Trade and Development Bank to participate in the restoration of the territories released from Azerbaijan.
Director of the European Bank for Reconstruction and Development (EBRD) in Azerbaijan Kamola Makhmudova spoke about the projects implemented in Azerbaijan, saying that a project on solid waste management has already been launched in Ganja. “Two more solar and wind energy projects will be launched this year. The bank will continue to support the green economy in Azerbaijan.”
General Counsel and Secretary General of the Nordic Investment Bank, Heikki Cantell, said his organization could provide direct financial support to Azerbaijan. According to him, the Nordic Investment Bank cooperates with the Black Sea Trade and Development Bank, which provides financial support for the implementation of projects in Azerbaijan. To date, Nordic Investment Bank has provided a €1.5 million loan to BSTDB.
Ambassador Lazar Comanescu, Secretary General of the Permanent International Secretariat of the BSEC Organization, Maciej Czura, Head of the European Investment Bank Regional Office for the South Caucasus, Ivana Fernandes Duarte, IFC Regional Manager for the Caucasus from the South who attended the annual meeting as observers, welcomed the Azerbaijani chairmanship of the Bank’s Board of Directors. They shared their views on the development of the Black Sea region, expanding trade and investment opportunities.
On June 24, within the framework of the annual meeting, a business forum entitled “The role of BSTDB in supporting a diversified and innovative Azerbaijani economy in a changing world” will be organized with the participation of BSTDB, the Azerbaijani government, AZPROMO and regional business associations.
The Black Sea Trade and Development Bank (BSTDB), an international financial institution headquartered in Thessaloniki, Greece, was established by Albania, Azerbaijan, Armenia, Bulgaria, Georgia , Greece, Moldova, Romania, Russia, Turkey and Ukraine. The BSTDB supports economic development and regional cooperation, participates in the financing of projects in the public and private sectors of member countries, opens lines of credit, provides investments and guarantees, and finances trade.
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