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BSTDB to focus on Azerbaijan's manufacturing, agribusiness sectors

BSTDB to focus on Azerbaijan's manufacturing, agribusiness sectors

Economy
06 July 2020, 10:24 96
The Black Sea Trade and Development Bank (BSTDB) will continue implementing its country strategy for Azerbaijan adopted for the period until 2022, with necessary adjustments to the COVID-19 pandemic situation and its potential development, a source in the bank told Trend.
The bank will focus on manufacturing and agribusiness sectors where Azerbaijan has competitive advantage.
According to the source, there are various projects in these sectors that had to be postponed because of the slow-down in the economy due to the pandemic, including food-processing, furniture and glass manufacturing, petro-chemical industry, and production of packaging materials that remain priority areas for BSTDB.
The bank will also support projects that put forward the role of Azerbaijan as a transportation hub in the region. Logistics centers, warehouses and port facilities will be among such projects.
At the moment, the BSTDB’s portfolio in Azerbaijan includes seven operations in the total amount of 122.5 million euro, including two trade finance loans to SOCAR Trading and SOCAR AQS, a loan for Shah Deniz operations and an SME [small and medium-sized enterprises] facility for Azerbaijan’s Turan Bank, the source said.
The BSTDB was established by Azerbaijan, Albania, Bulgaria, Georgia, Greece, Moldova, Armenia, Romania, Turkey, Ukraine and Russia. The bank’s authorized capital makes up 3.45 billion euro.