On december 6, the 26th Annual Meeting of the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) began in Istanbul.
As Day.Az reports, Azerbaijan is represented at the meeting by Finance Minister Samir Sharifov, who is a member of the bank’s Board of Governors.
During the meeting, participants will discuss the bank’s medium-term strategy, business plan for 2025-2026, current loan portfolio and sources of financing. The expansion of opportunities and potential for the development of banking and business spheres between the participating states will also be considered. based on the results of the discussions, appropriate decisions will be made.
Let us recall that the BSTDB is an international interstate financial and credit institution founded by member countries of the Black Sea Economic Cooperation Organization, including Azerbaijan, Albania, Armenia, Bulgaria, Georgia, Moldova, Romania, the Russian Federation, Turkey, Greece and Ukraine.
The Bank plays an important role in economic development and regional cooperation by financing projects in both the public and private sectors, including loans, lines of credit, investments, guarantees and trade finance.
How does the Black Sea Trade and Development Bank support regional economic growth and cooperation in member countries?
Interview: Insights from the 26th Annual Meeting of the Black Sea Trade and Development Bank
Time.news Editor: Today, we have the pleasure of speaking with Dr. Elvina Mammadova, an expert in international finance and regional economic cooperation.We will discuss the recent meeting of the Black Sea Trade and Development Bank (BSTDB) held in Istanbul and its implications for member countries, including Azerbaijan. Welcome, Dr. Mammadova!
Q1: Dr. mammadova, what were the key highlights of the 26th Annual Meeting of the BSTDB?
Dr. Mammadova: Thank you for having me. The meeting on December 6 was meaningful as it brought together the Board of Governors from member countries to discuss pivotal strategies for the bank’s future. Key topics included the medium-term strategy and business plan for 2025-2026,the evaluation of the current loan portfolio,and examining sources of financing. It’s essential for fostering economic stability across the Black Sea region.
Q2: Could you elaborate on the importance of the BSTDB for member countries like Azerbaijan?
Dr. Mammadova: Absolutely.The BSTDB serves as a crucial financial institution that enhances regional economic cooperation. For Azerbaijan, being represented by Finance Minister Samir Sharifov is significant, as the bank’s role includes financing projects in both public and private sectors. Through loans, investments, and guarantees, the BSTDB helps nations like Azerbaijan develop their economies and strengthen business ties. This support is particularly vital as countries navigate post-pandemic recovery and seek sustainable development.
Q3: What implications does the discussions on medium-term strategy and financing have for the future of regional cooperation?
Dr. Mammadova: The discussions are foundational for setting the direction of economic collaboration among member states. A solid medium-term strategy is essential for identifying investment priorities and aligning them with regional development goals. It also encourages collective action towards enhancing trade and business opportunities, ultimately leading to a more integrated economic landscape in the black Sea area.
Q4: How do you see the potential for business development emerging from the outcomes of this meeting?
dr. Mammadova: The meeting highlighted various opportunities for enhancing the banking and business spheres among participating states. With a focus on developing synergies between countries, results from this conference could lead to increased cross-border investments and joint ventures. For businesses in Azerbaijan and beyond, this could translate into new markets and collaboration that drive innovation and competitiveness.
Q5: What practical advice would you give to local businesses looking to harness the opportunities created by the BSTDB?
Dr. Mammadova: Local businesses shoudl actively engage with the BSTDB and related organizations to understand the financing options available to them. They should explore loan programs, invest in capacity building, and seek partnerships with foreign firms facilitated by BSTDB initiatives. Additionally, staying informed about the bank’s business plan for 2025-2026 can definitely help them align their growth strategies with regional economic trends and demands.
Time.news Editor: Thank you, Dr. Mammadova, for these valuable insights on the BSTDB and its impact on economic development in the region. We appreciate your time and expertise!
Dr. Mammadova: It’s been a pleasure. Thank you for shedding light on such an critically important topic!