Thursday, March 24 2011 13:46

BSTDB to allocate up to 8 mln EUR to 5 Armenian banks


ArmInfo. Black Sea Trade and Development Bank (BSTDB) is going to deliver 4-8 mln EUR to five Armenian banks, chairman of the bank, Andrey Kondakov, told journalists today but did not name the banks.

He also added that they have been still working on creation of the Caucasus Investment Fund. The assets of the Fund will be not more than $10 mln, he said.

"The Fund is not big. For this reason, it is not expected to take an active part in any programmes", - Kondakov said.

To note, at present the share of Armenia in the capital of BSTDB is 1%, and 5% in the assets portfolio of the bank. The BSTDB's mission is mainly to stimulate economic development of the shareholder-states. Armenia has been cooperation with BSTDB since the moment of its creation. The bank finances the SME sector, industry and financial sector in Armenia.
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