Thursday, June 21 2012 18:05
Black Sea Trade and Development Bank to double investment portfolio in Armenia by late 2014
ArmInfo. The Black Sea Trade and Development Bank (BSTDB) is going to double the investment portfolio in Armenia by 2014, BSTDB President Andrey Kondakov said at today's joint press conference with Deputy Finance Minister of Armenia Vardan Aramyan.
According to him, by late 2014 the Bank will provide the Armenian financial organizations and business organizations with up to 50 mln EUR. "The BSTDB investments in various spheres of Armenian economy since the moment of establishment of the Bank have exceeded 50 mln EUR. Within the next two years we are going to focus the investments on development of trade, infrastructures and energy", he said.
Kondakov pointed out that the Bank also intends to expand its support to Armenian SMEs by means of lending through foreign financial organizations. In this context, Kondakov said that the Bank will continue closely cooperating with international financial structures to mobilize the resources and additional investments in Armenia.
The Bank has taken a decision to double the investments, as it positively estimates the economic situation in Armenia and the authorities' efforts to improve the business climate. He stressed that among the BSTDB member countries, Armenia is using the financial tools of the Bank most effectively.
"At the moment the situation in the region is stabilizing, and Armenia can be a good example of resistance to the crisis and create favorable conditions for investment activities", Kondakov said and added that Armenia is one of the BSTDB member countries which demonstrated the lowest economic downturn (by 14.4% in 2009) amid the crisis phenomena and now ensures stable economic growth rates.
Deputy Finance Minister of Armenia Vardan Aramyan, in turn, said that the BSTDB business projects in Armenia comply with the economic reforms in the country. "Armenia has been a member of the BSTDB since the latter's establishment, and it has already approved the fourth national strategy of economic development worked out jointly with the Bank", he said. Aramyan added that Armenia's share in the total loan portfolio of the Bank is 3.6%.
To recall, the Black Sea Trade and Development Bank will hold an annual meeting in Yerevan on June 21- 24 and will present its strategy and business plans in Armenia. On June 22 a business forum will be held, and the 14th meeting of the BSTDB managers will take place on June 24.
To note, the Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. With an authorized capital of SDR 3 billion, the Bank supports economic development and regional cooperation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries. BSTDB is rated A long term and A1 short term, with stable outlook by Standard & Poor's, and A3/P2 with stable outlook by Moody's.
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