Business Association of Georgia hosted the President of Black Sea Trade and Development Bank

28 Oct '10

On October 28, the members of the Business Association met the President of Black Sea Trade and Development Bank (BSTDB), Mr. Andrey Kondakov and Deputy Minister of Finance of Georgia, Mr. Dimitri Gvindadze.
The meeting aimed at informing the BAG members about BSTDB and its work. President of the Bank, Mr. Andrey Kondakov delivered the presentation for the audience and spoke about the Black Sea Trade and Development Bank in general, its future plans in Georgia, as well as its policies covered by the Bank's activities. The Bank was established in 1999 and 11 Black Sea countries are its shareholders. The Bank is focused on economic development of the target group member countries and to this end supports export growth, creation of jobs, import substitution, implementation of environmental and infrastructure development projects. The presentation covered the procedures by which the Bank has allocated financial resources to particular companies or projects. Currently, individual projects accounts for 60% of financial resources allocated by the Bank, small and medium business funding - 24%, and contribution to trade relations and authorized capital accounts for the rest. Production, financial institutions, energy, transport, telecommunications, construction and agriculture - are the areas where the projects funded by the Bank have been or are being implemented. Already 15 projects costing USD 69 million have been funded in Georgia with the resources allocated by the Bank. As stated by the President of the Business Association of Georgia, Mr. George Chirakadze, it is extremely important for Georgian companies to explore additional and especially cheap financial resources and to direct business towards enlargement and development. Thus, the BAG's close relations with BSTDB is extremely valuable. It was agreed at this very meeting that BSTDB's delegation will visit Georgia again in the nearest future and make presentation in a wider format for the interested companies on the Bank's activity, priorities and procedures, allowing for face-to-face meetings to discuss specific projects and to receive consultations.