According to Presidential decree May 31 2005, Roman Gotsiridze, President of the National Bank of Georgia, was Appointed Governor of BSTDB for Georgia.The Seventh Meeting of the Board of Governors of the Black Sea Trade and Development Bank and Business Day will be held in Yerevan on June 5-6, where the politicians, bankers, businessmen and representatives of international financial institutions will participate. One of the main topics on the agenda will be the status of the fulfillment of the financial obligations of the BSTDB member countries. The arrears of Georgia are 1.5 million US dollars.Before the last year the arrears were much more – 2.3 million US dollars, but the Board of Directors of BSTDB agreed to reduce the share of Georgia in BSTDB capital from 2 to 1% at the Annual Meeting in Tirana on June 6, 2004. This reduced the liability, too.The Black Sea Trade and Development Bank BSTDB was formed to alleviate the financial difficulties of the BSEC member countries. The headquarters are located in Saloniki, Greece. The agreement on the establishment of the Bank was signed in Tbilisi at the Meeting of Foreign Ministers of BSEC Countries on June 30, 1994, and ratified by the Parliament of Georgia on December 25, 1996. The authorized capital of BSTDB is 1 billion SDR’s (about 2.3 billion USD).After organizational and legal procedures, the BSTDB started financial operations from June 1, 1999.BSTDB implements several projects in Georgia, including export development insurance-credit agency and Poti oil terminal reconstruction projects, with the total volume of 18.5 million US dollars.