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BSTDB Concludes the 17th Annual Meeting of the Board of Governors

Tbilisi, June 21, – The Board of Governors of the Black Sea Trade and Development Bank  (BSTDB) held its 17th Annual Meeting of the Board of Governors under the Chairmanship of Mr. Giorgi Kadagidze, President of the National Bank of Georgia.

The Board of Governors approved the 2014 Annual Report and financial statements. The Bank posted a net profit for the tenth consecutive year, which amounted to over EUR 14 million. The Board of Directors approved 29 new operations for the total amount of EUR 350 million, a 30% increase over the previous year.

The Board elected the Governor for the Hellenic Republic as Chairman of the Board of Governors. The Governors for the Republic of Moldova and Romania were elected as Deputy Chairmen, for a period of one year until the next BSTDB Annual Meeting decided to take place in Greece in June 2016.

“This is an organization that continues expanding its activities in Georgia and finances various projects, and our goal here is to help this financing grow, improving access to long-term financial resources for our business,” stated Giorgi Kadagidze to the press during the meeting. “We discussed the overall amount of investments and financing as well as future plans which covered several important projects. The Black Sea Trade and Development Bank primarily utilizes Georgia as a proxy for economic financing, and we had discussions about the next stage and beginning directly financing real sectors as soon as today.”

David Lezhava, the Deputy Minister of Finance of Georgia, summarized the meeting as a door to new opportunities to Georgia’s private sector. “[The Black Sea Trade and Development Bank] have conducted a large number of operations in Georgia, primarily partnering with financial institutions in the real sector. This annual meeting saw the discussions for strategic direction on the fields that will receive support and loans for the private sector,” he noted to the press.

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The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.