Azerbaijan to raise its share in Black Sea Trade and Development Bank to 5% in October

The session participants will consider the issue of doubling its capital as well as the purchase of 5% of undistributed shares of the bank by Azerbaijan, said deputy economic development minister of Azerbaijan Mikail Jabbarov.

"This process will finish during the session of the bank's directors' board and Azerbaijan's share in the bank will rise up to 5% from the previous 2%", said he.

It should be noted that the declared capital of the bank, founded by Greece, Turkey, Albania, Bulgaria, Romania, Russia, Azerbaijan, Georgia, Ukraine, Moldova, Armenia makes SDR 3 bln and the repaid capital - SDR 300 mln. Greece, Turkey and Russia hold 16.5% share in the bank, Romania, Ukraine, Bulgaria own 13% each and Moldova, Georgia, Azerbaijan, Armenia and Albania had from 2 up to 7%.

Earlier Jabbarov noted that by bringing its share to 5% Azerbaijan will obtain equal share of these four countries, as some of them have financial difficulties.

/Day.Az/