Azernews.Az

BAKU – The board of directors of the Black Sea Trade and Development Bank (BSTDB) is expected to approve its strategy on Azerbaijan in June, BSTDB president Andrey Kondakov said after a meeting with businessmen in Baku on Wednesday.

"Our visit has two main goals: to discuss a new national strategy for 2011-2014 as well as to hold meetings with Azerbaijan’s business community in order to seek new projects which the bank will finance in the mentioned period," Kondakov told reporters.

According to him, during 11 years of its operation the BSTDB has funded 20 projects totaling 100 million euros in Azerbaijan. The country’s share in the bank’s credit portfolio is 5 percent.

"Over the next four years we will be facing a task of stepping up the BSTDB’s activity in Azerbaijan and funding new interesting projects," Kondakov said.

Kondakov said that in this period the BSTDB is looking to outline 15 to 20 projects worth a total of 75 million to 100 million euros, and if more projects are mapped out, the bank may consider doubling its portfolio on Azerbaijan. He added: "We consider as important assisting the development of infrastructure of the social, production and energy sectors, and agriculture."

Kondakov added that the BSTDB plans to continue closely cooperating with Azerbaijan’s banking sector, with a focus on credit lines aiming to finance small and medium enterprise and trade.