Azerbaijan becomes chair of Black Sea Trade and Development Bank board

Azerbaijan has become the board chairman of the Black Sea Trade and Development Bank, 1news.az reports.

Yerevan hosted the first annual sessions of the bank’s board.

Bulgaria and Georgia became the deputy chairs of the board. Azerbaijan will chair the board until the next meeting in Baku on June 9, 2013.

The bank earned 10.1 million euro last year. Its financing increased by 359.3 million euro (67.7%), compared with 2010.

The bank was established by 11 states: Albania (share of 2%), Armenia (1%), Azerbaijan (5%), Bulgaria (13.5%), Greece (16.5%), Georgia (0.5%), Moldova (1%), Russia (16.5%), Romania (14%), Turkey (16.5%) and Ukraine (13.5%). It is headquartered in Thessaloniki (Greece).

The bank promotes economic development and regional cooperation by providing credits and financing.

Azerbaijani Minister for Economic Development Shakhin Mustafayev and his deputy Finances Minister Samir Sharifov represent the country at the bank.