Baku, Azerbaijan, Aug. 24
By Anvar Mammadov - Trend:
The Black Sea Trade and Development Bank intends to support the development of the agricultural sector of Azerbaijan, said the BSTDB strategy for cooperation with Azerbaijan for 2015-2018, published on the website of the bank.
The strategy said that Azerbaijan has a great potential in the agricultural sector.
"The main agricultural products of the country include grapes, cotton, tobacco, citrus and vegetables," the strategy said. "Livestock and poultry are also important industries for the country. Consumption of poultry meat in recent years increased dramatically, and the support of the local poultry industry will be important to meet the growing demand."
BSTDB plans to provide support to the agricultural sector of Azerbaijan through the funding of projects in the food and poultry industry.
"The bank will pay priority attention to projects aimed at improving agricultural productivity by means of modernization of infrastructure, the development of distribution channels of agricultural products and the establishment of funding mechanisms for farmers," said the cooperation strategy.
The document said that the BSTDB will also consider possibilities to support the petrochemical industry of Azerbaijan.
"The petrochemical industry is strategically important for Azerbaijan, which has large reserves of oil," said the strategy. "The country has a significant competitive advantage in this sector, which is at an early stage of development. Thus, the bank can have good opportunities to support Azerbaijan in this field over the next four years."
Based on the business plan for 2015-2018, BSTDB plans to sign on average, 2-3 new transactions worth 25-35 million euro every year. There will be from eight to 11 new commitments (signed transactions) within four years. The total amount will be equal to approximately 115 million euro (in the limit of 92-138 million euro).
BSTDB was established in 1996 and began operations in June 1, 1999. The bank's main office is located in Thessaloniki, Greece. The share of Azerbaijan's participation in the capital of the bank accounts for 5 percent. Its members are 11 countries. The Bank supports the principles of the development of regional cooperation, and participates in the financing of projects in member countries and in equity.
At present, the bank's portfolio on Azerbaijan is $166.978 million on 32 signed loan agreements. The total volume of 34 loans approved at the Board of Directors BSTDB reaches $214.348 million.
Edited by CN
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