Black Sea Economic Forum to be held in Salonika on June 14
23.05.2009 14:46 GMT+04:00

/PanARMENIAN.Net/ The regional forum devoted to the current economic
situation and medium-term perspectives of the Black Sea region is due
on June 14 in Salonika (Greece). The organizer of the event is the
Black Sea Trade and Development Bank (BSTDB).
The forum is dedicated to the 10th anniversary of the Bank’s activity
in Black Sea region.
Central Bank Presidents from 11 BSTDB member states and top figures
from international financial institutions will be invited to the forum
to deliver reports.
The event will be held in Macedonia Palace Greek hotel.
Currently, the bank’s biggest shareholders are Russia and Turkey (each
possessing 16.5% of shares). Other shareholders include Romania (14%),
Bulgaria and Ukraine (each possessing 13.5%), Azerbaijan (5%), Albania
(2%), Armenia and Moldova (each possessing 1% of shares) and Georgia
(0.5%),
The bank was founded in 1998 by Albania, Armenia, Azerbaijan,
Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and
Ukraine. BSTDB funding programs in both state and private sector aim
to promote economic development.
The bank has been operating since June 1, 1999. BSTDB Headquarters is
based in Salonika, Greece. The bank’s authorized capital comprises SDR
1 billion.
The bank is headed by managers and directors’ boards, president, 3
vice presidents and a Secretary General. Each shareholder country has
representatives in Managers and Directors’ Boards.
Armenian representatives in Managers’ Board are Finance and Economy
Minister Vardan Khachatryan and Vice Minister David Avetisyan. In
Directors’ Board, Armenia is represented by Central Bank Vice
President Arthur Djavadyan and Head of MFA Foreign Economic Relations
Department Nerses Lazarian.
To make bank operations more efficient, BSTDB has elaborated 2
strategies: sector strategy (energy and small and medium enterprise)
and country strategy (for each shareholder state.)