17th Annual Meeting of the Board of Governors of the Black Sea Trade and Development (BSTDB) Bank
21 June, 2015
On June 21, 17th Annual Meeting of the Board of Governors of the Black Sea Trade and Development (BSTDB) Bank was held in the Tbilisi Marriott Hotel. The meeting was chaired by Mr. Giorgi Kadagidze, Governor of the National Bank of Georgia and BSTDB Governor for Georgia.
“The National Bank of Georgia and the Government of Georgia actively work along with the Black Sea and Development Bank in direction of development of Black Sea region. It is very important that the management of the Bank decided to hold the Annual Meeting in Georgia. We have close communication with the Bank and the priorities of the country are considered in the development strategy of the Bank. The high officials of the government and central banks, international financial institutions from eleven countries and representatives of business circles participate in the event. It is important for the country to make interest with and to attract investors.
This is the organization which increases the financial incidences in Georgia and finances various projects. Our goal is to increase this financing which in itself means the more accessibility to the long term financial resource for our business.
Basically BSTDB uses the Georgian banking sector as a mediator for financing of the economy. We have discussed the issue on increasing the direct financing of the real sector of economy skipping the Georgian banks because there is no more need for this.
Business Forum is very important part of the Annual Meeting which gives an opportunity to the Georgian businessmen to activate cooperation with financial institutions” – Giorgi Kadagidze, Governor of the NBG stated.
The Board evaluated the Bank’s operational results, considered the Annual Report and financial statements for 2014 and decided on the allocation of the net income. During 2014, the Bank’s active portfolio increased by 23% over the previous year. The Board of Directors approved 29 new operations for a total of EUR 350 million. The Bank remained profitable for the tenth consecutive year.
BSTDB supports the Georgian economic priorities and responds to the country’s business needs. The Bank’s cumulative disbursements in Georgia amount to over EUR 180 million. The active portfolio stands at EUR 100 million, mainly allocated to the support of small- and medium-sized business (SME) development. In the coming years, the Bank will focus its support on the real sectors of the economy generating employment. Georgian small businesses will continue receiving Bank’s financing through special credit lines for SME development, microfinance, leasing and trade finance extended to local financial institutions.
On the occasion of the Annual Meeting, the Bank organized a Business Forum on June 19, 2015. Under the auspices of the Government of Georgia and the National Bank of Georgia, the Forum discussed the development of entrepreneurship and access to capital, in particular for SMEs. The BSTDB banking team met with participating companies and discussed project proposals and cooperation opportunities.
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.