Azerbaijan, Baku, 6 June / Trend corr I. Khalilova/ "The 10th annual meeting of the Managing Board of the Black Sea Trade & Development Bank (BSTDB) has been scheduled for 8-9 June, though it was previously planned to be held in St Petersburg on 28 June," Azerbaijani Economic Development Ministry reported on 5 June. The Board of Directors will meet before the meeting of the Managing Board. The Projects on Azerbaijan are not expected to be approved at the meeting.
Azerbaijan participants of the meeting will be Deputy Manager of Azerbaijan in the bank, Economic Development Minister Samir Sharifov, who has already left for St Petersburg to participate in the Economic Forum, Azerbaijani Director in the bank and Deputy Economic Development Minister Mikayil Jabbarov.
Azerbaijan intends to suggest an extension of the date to divulge the decision on whether to purchase the free three percent of the bank's stocks, in case the country's Government does not specify its final position. Though improvement of institutional presence in the bank is most important for Azerbaijan, which will be possible only after the improvement of country's share in the bank's capital to 5%. Secondly, Azerbaijan's access to financial resources of the bank will also improve.
For the time being, Turkey, Russia and Greece each own 16.5%, Bulgaria, Romania and Ukraine -13.5%, Azerbaijan and Albania - 2% and Georgia, Moldova and Armenia 1% each.
The governmental decision will enable to improve Azerbaijan's share to the capitalization level of four countries altogether.
So far, Azerbaijan has paid SDR 6mln to the Black Sea Trade & Development Bank. Bank's announced capital totals SDR 1bln, with SDR 300mln paid. However, due to the bank's decision to double its capital in 2008, BSTDB countries had to join the process by 10 May, which will also be discussed at the meeting of the Managing Board.
Presently, BSTDB portfolio on Azerbaijan comprises $50mln, which is 6.5% of BSTDB total portfolio.
It is not ruled out that in the meeting of Managing Board, new members will be involved in BSTDB not only through new countries but also through high ranking fiscal institutes. German Development Bank (KFW) has joined the bank as an observer. In January, Serbia was expected to join shareholding, but the decision has not yet been taken.
The Minister for Economic Development Heydar Babayev is the manager in BSTDB from Azerbaijan side.
BSTDB has been operating since 1 June 1999.
On 5 June, the official exchange rate totalled 0.8209 AZN/USD.
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