BAKU, Azerbaijan, July 2. The Black Sea Trade and Development Bank (BSTDB) has invested approximately 500 million euros in projects in Azerbaijan, Azerbaijan’s Minister of Finance, Sahil Babayev, said, Trend's correspondent reports from the event.
Babayev made the announcement at the Black Sea Trade and Development Bank (BSTDB) business forum in Baku.
According to him, the Black Sea Trade and Development Bank is one of Azerbaijan’s active partners and, over the years of cooperation, has participated in financing various projects in the country totaling approximately 500 million euros.
“Today, we are discussing significantly more projects, and their financial portfolio has expanded. We view today’s meeting as a unique opportunity to open up new sources of financing for both private-sector representatives and state-owned companies. The global economy is undergoing a period of transformation, and geopolitical developments are creating new challenges for business. Azerbaijan has become a key player in the global energy market and plays a significant role in ensuring the energy security of the region, Europe, and its partners. At the same time, the country is not limiting itself to the development of the energy sector. “We are working to diversify the economy, diversify and expand exports, enter new markets, and strengthen infrastructure,” he said.
The minister noted that Azerbaijan continues to actively invest in infrastructure development.
"The country has implemented major projects in the fields of road and rail transport, as well as air and maritime transport. Against the backdrop of current geopolitical challenges, the importance of the Middle Corridor, which runs through Azerbaijan and connects Asia with Europe, is growing. Structural changes continue in the country’s economy. Looking at last year’s results, we can see that 71% of Azerbaijan’s economy is already accounted for by the non-oil sector. While the oil industry remains one of the drivers of development, the non-oil sector is also developing rapidly across a wide range of areas,” the minister said.
According to Babayev, expanding financial opportunities plays an important role in ensuring this growth.
He noted that economic development is facilitated by government funding, investments from local investors, financial instruments provided by domestic banks, and funds from international financial institutions.
Moreover, Babayev recalled that Azerbaijan’s partnership with the Black Sea Trade and Development Bank has been ongoing for more than 30 years and covers a wide range of projects.
"Projects aimed at supporting small and medium-sized enterprises, infrastructure initiatives, and the bank’s cooperation with state-owned and private companies and the country’s banking sector are of particular importance. Representatives from nine member states of the Black Sea Trade and Development Bank are participating in the business forum. This creates additional opportunities for bilateral meetings, discussions on trade issues, and the implementation of joint investment projects," he said.
