On July 31, 2005 the Board of Governors of the Black Sea Trade and Development Bank is holding its special second meeting in the Salonika, Greece. Mr.R.Gotsiridze, the President of the National Bank of Georgia, will take part in the meeting.   The purpose of the special meeting is to elect the President of the Board of Governors of the Black Sea Trade and Development Bank. President of the Board of Governors of the Black Sea Trade and Development Bank is elected in every four years. Currently Mr. Mustafa Gurtin, a representative of Turkey, holds this position    Russia and Turkey assert their claims for the position of the President of the Board of Governors of the Black Sea Trade and Development Bank. Still it is confidential whom Mr. R. Gotsiridze will support .Though it is not difficult to guess it.   The Black Sea Trade and Development Bank (BSTDB) was established to alleviate financial difficulties for BSEC (Black Sea Economic Cooperation) member states (Greece, Russia, Turkey, Romania, Bulgaria, Ukraine, Albania, Moldova, Georgia, Azerbaijan, and Armenia). The headquarter of  BSTDB is located in  Salonika, Greece, The agreement on the establishment of BSTDB was signed on June 30, 1994 at the meeting of the Ministers of Foreign Affairs of the BSEC states in Tbilisi and was ratified by the Parliament of Georgia on December 25, 1996.   The authorized capital of BSTDB is defined by SDR 1 billion (approx. USD 2.3 billion). From June 1, 1999, after passing through the organizational and legal stages, BSTDB began performing financial operations. BSTDB has opened credit lines in the amount of USD 13.5 million for JSC “Bank of Georgia”, JSC “TBC Bank”, JSC “United Georgian Bank” and JSC “Procreditbank”. Besides,   BSTDB is implementing projects of an insurance-credit agency on the development of export in Georgia and the reconstruction of Poti oil terminal the total amount of which is more than USD 8 million.