Black Sea Trade and Development Bank allocates large loan to Azerbaijani Access Bank

  24 June 2013    Read: 344
Black Sea Trade and Development Bank allocates large loan to Azerbaijani Access Bank
The Black Sea Trade and Development Bank (BSTDB) has allocated a loan worth 15 million USD to Azerbaijani Access Bank today. The relevant document was signed by BSTDB head Andrei Kondakov and Access Bank General Manager Michael Hoffmann.
Hoffmann added that the loan allocated for 3 years will be spent by the bank for the development of lending to small and medium-sized business.

The loan portfolio of Access Bank for small and medium-sized businesses is $ 260 million, that is 40 percent of the total loan portfolio of bank, Hoffmann added.

BSTDB head Andrei Kondakov added that in general, the BSTDB board of directors approved seven projects in all 11 participating countries to the amount of 100 million euros on Saturday.

"The two largest loans to the State Oil Company of the Azerbaijan Republic (SOCAR) and Access Bank fall to Azerbaijan, constituting $58 million and $ 15 million respectively," Kondakov said.

Baku hosts the fifteenth Annual Meeting of the Board of Governors of the Black Sea Trade and Development Bank today.

Today, Greece, Russia and Turkey remain the largest shareholders with stakes of 16.5 percent each. Romania owns 14 percent, Bulgaria and Ukraine - 13.5 percent each, Azerbaijan - 5 percent, Albania - 2 percent, Armenia and Moldova - 1 percent each, and Georgia - 0.5 percent.

Azerbaijani Economic Development Minister Shahin Mustafayev is a manager at the Black Sea Trade and Development Bank from the Azerbaijani side, his deputy - Minister of Finance Samir Sharifov.

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