AZG Armenian Daily #065, 14/04/2005

Economy

AZERBAIJAN TO PARTICIPATE IN BLACK SEA BANK’S ANNUAL GATHERING IN YEREVAN

The 7th annual meeting of the Black Sea Trade and Development Bank (BSTDB)
managers will be held in Yerevan, June 5-6. Minister of finances and economy
of Armenia, Vartan Khachatrian, and secretary general of the BSTDB,
Charalabos Tsarughas called a press conference yesterday on this occasion.

Vartan Khachatrian informed that the annual meeting will consist of two
parts: the business congress will be held on the first day and the session
of the Bank managers on the second day. He also said that the Black Sea Bank
together with the Izmirlian Foundation carries out a program supporting
small and average business in Armenia. Both sides have assigned $2 million
for the program. Several other programs are in preparatory stage.

Charalambos Tsarughas gave a brief survey of the Bank’s history; it opened
in 1999, the center is in Istanbul and 11 countries took part in its
foundation. Within the member states, the Bank finances projects in the
spheres of energetics, small and average business, trade and transport. The
minister of finances and economy represents Armenia in the Board of Managers
and deputy president of the Central Bank in the Board of Directors.

The Greek official said that organizations participating in the annual
meeting — European Bank for Reconstruction and Development, World Bank —
will learn about the region’s, particularly Armenia’s, peculiarities in
economics. The Black Sea Bank will introduce its strategy designed for
Armenia. The sphere of small and average business will be highlighted as
initial one.

The second part of the event will deal with the conditions and opportunities
for financing the small and average business. Issues of financial market
will be discussed at the third part of the meeting with the participation of
not only Armenian bank representatives but also representatives of foreign
financial organizations.

Being asked about Azerbaijan’s participation in the annual meeting,
Charalambos Tsarughas said that he does not think that any of the member
states should opt out of the meeting. He assured that Azerbaijan took part
in Bank’s meeting in Yerevan 2 years ago and will participate this time,
too. He stated that the organization accentuates business issues.

Vartan Khachatrian added that the BSTDB annual meeting is to be held under
patronage of President Robert Kocharian and that the Azeri delegation’s
safety and full participation is guaranteed.

By Ara Martirosian