BSTDB to significantly increase investment portfolio in country

By Azernews

By Abdul Kerimkhanov

By granting broad rights to foreign investors, the Azerbaijani government encourages the flow of investment in the country.

Black Sea Trade and Development Bank (BSTDB) aims to significantly increase its investment portfolio in Azerbaijan, the Bank President Dmitry Pankin told local media.

He said that in the near future, BSTDB will complete the preparation of a new country strategy for Azerbaijan until 2022.

"It provides for a very significant, multiple increase in our investment portfolio while maintaining a strategic orientation to support the non-oil sectors of the economy," he noted.

Pankin further added that at present, the BSTDB portfolio in Azerbaijan is a little more than 100 million euros.

The Bank was founded in January 1997 to support the development of the economy of the Black Sea basin countries and strengthen regional cooperation.

BSTDB was established by Albania, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, Armenia and Ukraine, which are the 11 founding countries of the Black Sea Economic Cooperation (BSEC) as a financial pillar of BSEC. The headquarters of the BSTDB is located in Thessaloniki (Greece).

The objectives of the Bank are the development of trade relations in the region, promotion of international projects and foreign investment, provision of guarantees for the development of trade and economic relations both at the state level and in private business.

BSTDB was the first international financial institution to issue bonds in Azerbaijani manats.