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Azerbaijan more than doubles its share in Black Sea Trade & Development Bank

08 October 2008 10:18 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijan has raised its share in the Black Sea Trade & Development Bank to 5%, from 2% said Heydar Babayev, the countryâ€™s minister of economic development.
He added that the decision was reached at the BSTDB board meeting in Istanbul.
According to him, Azerbaijanâ€™s share in the regional bank is more than its neighbors, Georgia and Armenia.
Azerbaijan will pay up the share rise in installments within three years.
Established in 1999, the Black Sea Trade and Development Bank has three major shareholders Greece, Russia, Turkey (16.5% each). Three other members - Bulgaria, Romania and Ukraine hold a 13.5% stake each, leaving shares of Albania, Armenia, Azerbaijan, Georgia and Moldova in range of 2% and 7%.
Under the latest deal, Azerbaijan took additional 3% that was thrown away by Georgia, Armenia and Moldova.
At present Azerbaijanâ€™s share equals to the total shares of four other countries, Mikayil Jabbarov, the countryâ€™s deputy minister of economic development, said earlier.
The Black Sea Trade & Development Bank is owned by 11 member countries. The bankâ€™s authorized capital is AZN 1.45 billion.