BAKU, Azerbaijan, March 16. Current status and future development prospects of cooperation between Azerbaijan and the Black Sea Trade and Development Bank (BSTDB) were discussed during the meeting of the Azerbaijani Minister of Finance, BSDTB Governor for the country, Sahil Babayev, with a delegation led by the BSTDB President Serhat Koksal, visiting the country, the statement of the Finance Ministry says, TurkicWorld reports.
Babayev highly appreciated the bank's contributions to the economic development of Azerbaijan and the strengthening of economic cooperation in the Black Sea region. Noting that Azerbaijan, as one of the founding members of the BSTDB, supports the bank's future development, the minister noted that since the beginning of its activities, the bank has contributed to the development of the private sector in the country and the strengthening of the financial sector with the projects it has financed in Azerbaijan.
At the same time, he noted that the BSTDB was the first international financial institution to issue bonds in local currency in Azerbaijan, and the bank placed corporate bonds on the Baku Stock Exchange in 2019 to support private sector financing.
The meeting also highlighted Azerbaijan's current chairmanship of the BSTDB Board of Governors, and it was emphasized that the next annual meeting of the bank to be held in Baku in July 2026 will be an important platform for further strengthening regional financial cooperation.
Koksal said that cooperation with Azerbaijan is of great importance for the Bank, noting that the economic reforms implemented in our country and the favorable investment climate created new opportunities for international financial institutions. He expressed their interest in expanding cooperation in the areas of financing the development of the private sector, supporting small and medium-sized businesses and financial institutions, promoting regional trade and transport-logistics connectivity, as well as supporting projects related to sustainable development and economic diversification.
The meeting also held a wide exchange of views on Azerbaijan's participation in the process of increasing the bank's subscribed capital, ensuring balanced geographical representation of member countries in the bank's management structure, as well as other issues of mutual interest to the parties.
BSTDB is an international intergovernmental financial credit organization. It supports economic development and regional cooperation, provides loans for projects in the public and private sectors in member countries, opens credit lines, provides investments and guarantees, and participates in trade financing.
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