BAKU, Azerbaijan, July 2. The Black Sea Trade
and Development Bank (BSTDB) has invested approximately 500 million
euros in projects in Azerbaijan, Azerbaijan’s Minister of Finance,
Sahil Babayev, said, Trend's correspondent reports from the event.


Babayev made the announcement at the Black Sea Trade and
Development Bank (BSTDB) business forum in Baku.


According to him, the Black Sea Trade and Development Bank is
one of Azerbaijan’s active partners and, over the years of
cooperation, has participated in financing various projects in the
country totaling approximately 500 million euros.


“Today, we are discussing significantly more projects, and their
financial portfolio has expanded. We view today’s meeting as a
unique opportunity to open up new sources of financing for both
private-sector representatives and state-owned companies. The
global economy is undergoing a period of transformation, and
geopolitical developments are creating new challenges for business.
Azerbaijan has become a key player in the global energy market and
plays a significant role in ensuring the energy security of the
region, Europe, and its partners. At the same time, the country is
not limiting itself to the development of the energy sector. “We
are working to diversify the economy, diversify and expand exports,
enter new markets, and strengthen infrastructure,” he said.


The minister noted that Azerbaijan continues to actively invest
in infrastructure development.


"The country has implemented major projects in the fields of
road and rail transport, as well as air and maritime transport.
Against the backdrop of current geopolitical challenges, the
importance of the Middle Corridor, which runs through Azerbaijan
and connects Asia with Europe, is growing. Structural changes
continue in the country’s economy. Looking at last year’s results,
we can see that 71% of Azerbaijan’s economy is already accounted
for by the non-oil sector. While the oil industry remains one of
the drivers of development, the non-oil sector is also developing
rapidly across a wide range of areas,” the minister said.







According to Babayev, expanding financial opportunities plays an
important role in ensuring this growth.


He noted that economic development is facilitated by government
funding, investments from local investors, financial instruments
provided by domestic banks, and funds from international financial
institutions.


Moreover, Babayev recalled that Azerbaijan’s partnership with
the Black Sea Trade and Development Bank has been ongoing for more
than 30 years and covers a wide range of projects.


"Projects aimed at supporting small and medium-sized
enterprises, infrastructure initiatives, and the bank’s cooperation
with state-owned and private companies and the country’s banking
sector are of particular importance. Representatives from nine
member states of the Black Sea Trade and Development Bank are
participating in the business forum. This creates additional
opportunities for bilateral meetings, discussions on trade issues,
and the implementation of joint investment projects," he said.