Meeting of the President of Black Sea Trade and Development Bank with Businessmen
21 Mar '11
The President of Black Sea Trade and Development Bank (BSTDB), Mr. Andrey Kondakov, being on a visit to Georgia, met with businessmen at Courtyard Tbilisi Marriott Hotel today.
Delegation of BSTDB was first hosted by the Business Association last October; That is when the foundation for the prospects of future cooperation was laid and was agreed that BSTDB delegation would visit Georgia again and provide the interested companies with information on the Bank's operation, priorities and procedures in a broader format.
Today's meeting aimed at informing the Georgian companies about BSTDB's priorities during 2011-2014 and reviewing the cooperation opportunities. For the nearest 4 years BSTDB is planning to finance projects in the amount of additional Euro 30-40 million. BSTDB was established in 1994 with the headquarters in Thessaloniki. The Bank's objective is to finance regional projects and programs, encourage trade between Member States, economically develop Black Sea region. Georgian commercial banks (TBC, ProCredit Bank, VTB and Qartu Bank) are already using the bank's credit lines. In order to support private sector development, BSTDB is intending to actively cooperate with local commercial banks and other representatives of financial sector. The Bank is interested in financing in energy, production and infrastructure sectors. As stated by the Bank's President at the meeting, "Currently the key objective of our visit is to develop the 2011-2014 strategy which includes increased development of business in Georgia. We believe that with the improved economic situation more business opportunities will open for us and all our time will be dedicated to relations with potential clients in Georgia. The Bank has financed 15 projects in the amount of Euro 50 million. in Georgia and planning to finance Euro 40-50 million projects during coming 4 years. If everything goes well we might also consider to double our credit portfolio in Georgia". As evaluated by BAG's president, Mr. George Chirakadze, the visit of BSTDB's president and offering additional, cheaper financial resources to Georgian companies is especially important at this stage when intensive works on business climate improvement are carried out, numberless reforms are implemented, tax legislation simplified and more opportunities for business development opening. After the presentation, at face-to-face meetings organized by the Business Association, businessmen were allowed to discuss with the BSTDB's President the projects of their interest and receive more detailed information.