BSTDB plans to double its financing to Armenian projects by 2015

YEREVAN, June 21 /ARKA/. The Black Sea Trade and Development Bank (BSTDB) has financed 12 projects in Armenia, totaling EUR 50 million and plans to double this figure by 2015, BSTDB President, Andrei Kondakov, told a news conference today in Yerevan.

"The region is recovering from the global economic crisis and in this sense Armenia is a good example of business achievements," he said.

Kondakov said BSTDB portfolio in Armenia includes both direct funding and through financial intermediaries such as SMEs, agribusiness, industry, trade and services.

BSTDB President also added that the Bank will sign a new agreement with Armenia to finance agro projects, but declined to disclose the amount.

Overall, he said, the Bank has approved 248 programs worth 2.7 billion euros; the current portfolio consists of 107 projects worth 1. 7 billion euros, he said, adding that Armenia’s share in the Bank’s outstanding loan portfolio is 3.6% now, but this figure will increase to 5%.

"I must say that our work in Armenia is very efficient. Against each invested euro we refund 14 euros, channeled into its economy," he added.

The Black Sea Trade and Development Bank is an international financial institution established to support regional development and cooperation in the Black Sea region. The objectives of the bank are the development of trade relations in the region, facilitating the implementation of international projects, the promotion of foreign investment, providing guarantees for the development of trade and economic relations both at the state level as well as in private business. -0-