Yerevan/Mediamax/. Black Sea Trade and Development Bank (BSTDB) presented to banks and business circles of Armenia its strategy for the nearest few years and the possible ways of cooperation with commercial banks in Yerevan today.

Mediamax reports that BSTDB Chairman Andrei Kondakov stated that at present the bank is carrying out negotiations on financing 5 Armenian banks and is ready for further expansion of cooperation with the financial sector of Armenia.

Andrei Kondakov informed that till 2014 the bank intends to fund up to 7 new projects in Armenia at the total sum of €50mln, thus doubling the volume of the credit portfolio for Armenia (at present BSTDB funds 10 projects in Armenia at the total sum of €51mln).

Andrei Kondakov also noted that BSTDB is adherent to the intention of entering the capital of Armenian companies by means of participation in the capital of the investment fund, functioning in 3 countries of the South Caucasus. Chairman of BSTDB stated that the works on establishing the fund are already coming to their end.

National Director of BSTDB on Armenia, Deputy Minister of Finance Vardan Aramyan stated that the Armenian government invited the attention of the bank during discussions of BSTDB strategy for the nearest few years on the opportunity to finance agriculture and agricultural infrastructures.

BSTDB is an organization, founded by 11 countries of the Black Sea region with the aim to finance projects, which contribute to development of those countries and their regional integration. Armenia’s share in the authorized capital stock of the bank makes 1%, the share of Armenia in the credit portfolio of the organization makes 4.6% (6th place among 11 participant countries).