BSTDB implements 10 projects in Armenia at amount of $70mln

PanARMENIAN.Net - President of the Black Sea Trade and Development Bank (BSTDB) Andrey Kondakov said that currently the BSTDB implements 10 projects in Armenia at the amount of USD 70mln, while the country’s share in the bank asset totals 5%.

“The return for Armenia makes 1 to 14, in other words, the bank invested $14 in Armenia’s economy per dollar paid by the country into the bank capital. It is a good index, but we try to increase the share of small countries in the bank portfolio also in future,” he said.

Andrey Kondakov noted that the economic crisis has not considerably affected the bank activity.

“The bank continues to work with profit, and the bank credit portfolio has doubled over the past four years. Besides, we plan to increase it by another 70% in the upcoming four years,” noted Kondakov.

The Black Sea Trade and Development bank was established 11 years ago by 11 countries shareholders, including Armenia. During its operation, it has financed over 220 projects at the total amount of $3bln. Currently, the bank assets total $1.5 and there are 106 portfolios.