BAKU, Azerbaijan, March 16. Current status and
future development prospects of cooperation between Azerbaijan and
the Black Sea Trade and Development Bank (BSTDB) were discussed
during the meeting of the Azerbaijani Minister of Finance, BSDTB
Governor for the country, Sahil Babayev, with a delegation led by
the BSTDB President Serhat Koksal, visiting the country, the
statement of the Finance Ministry says, Trend reports.
Babayev highly appreciated the bank's contributions to the
economic development of Azerbaijan and the strengthening of
economic cooperation in the Black Sea region. Noting that
Azerbaijan, as one of the founding members of the BSTDB, supports
the bank's future development, the minister noted that since the
beginning of its activities, the bank has contributed to the
development of the private sector in the country and the
strengthening of the financial sector with the projects it has
financed in Azerbaijan.
At the same time, he noted that the BSTDB was the first
international financial institution to issue bonds in local
currency in Azerbaijan, and the bank placed corporate bonds on the
Baku Stock Exchange in 2019 to support private sector
financing.
The meeting also highlighted Azerbaijan's current chairmanship
of the BSTDB Board of Governors, and it was emphasized that the
next annual meeting of the bank to be held in Baku in July 2026
will be an important platform for further strengthening regional
financial cooperation.
Koksal said that cooperation with Azerbaijan is of great
importance for the Bank, noting that the economic reforms
implemented in our country and the favorable investment climate
created new opportunities for international financial institutions.
He expressed their interest in expanding cooperation in the areas
of financing the development of the private sector, supporting
small and medium-sized businesses and financial institutions,
promoting regional trade and transport-logistics connectivity, as
well as supporting projects related to sustainable development and
economic diversification.
The meeting also held a wide exchange of views on Azerbaijan's
participation in the process of increasing the bank's subscribed
capital, ensuring balanced geographical representation of member
countries in the bank's management structure, as well as other
issues of mutual interest to the parties.
BSTDB is an international intergovernmental financial credit
organization. It supports economic development and regional
cooperation, provides loans for projects in the public and private
sectors in member countries, opens credit lines, provides
investments and guarantees, and participates in trade
financing.
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