OREANDA-NEWS. The Black Sea Trade and Development Bank (BSTDB) will hold the 15th Annual Meeting of the Board of Governors under the Chairmanship of the Republic of Azerbaijan in Baku on June 23, 2013.

The Board will evaluate the Bank’s operational activities and approve the financial statements for 2012.  During 2012, portfolio growth reached above 9% and the Bank posted net profit for the eighth consecutive year.

BSTDB has established and maintained a robust presence in Azerbaijan. In 2008, Azerbaijan increased its share in the Bank’s capital from 2% to 5%.  The country’s share in the Bank’s outstanding portfolio reached 10% and continues to grow, as the Bank is successfully implementing the 2011-2014 country strategy for Azerbaijan. The strategy sets a target of focusing on small and medium scale projects in the non-oil and gas sector in line with the Government’s diversification objectives. Since 2011, the Bank has approved ten operations amounting to 67 million euro, placing Azerbaijan among the top five BSTDB borrowers in terms of investment volumes, number of operations and overall portfolio performance.

The Bank’s successful cooperation with Azerbaijani financial institutions has focused on supporting small and medium enterprises, which account for the bulk of employment in the private sector and represent key target areas for further growth of the non-energy sectors of the economy. The Bank intends to assist further Azerbaijan’s economic diversification efforts with investment in transportation, agriculture and agribusiness, and manufacturing.

On the occasion of the Annual Meeting, and in close cooperation with the Azerbaijani Government, Azpromo and regional business associations, the Bank organizes a Business Forum on June 21, 2013. The Forum includes a strategic policy discussion on economic diversification, where Azerbaijani policy makers will introduce the Government’s approach to economic diversification, to be followed by a panel discussion among leading development financial institutions aimed at elaborating policy recommendations based on international experience.   Business development sessions will form the second part of the Forum, where business leaders from the Black Sea Region and beyond will discuss business, trade and investment opportunities in Azerbaijan and in the region.