Vnesheconombank Acquires Observer Status in the Black Sea Bank of Trade and Development

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ has been given observer status in the Black Sea Bank of Trade and Development (BSBTD). An appropriate decision was approved by BSBTD’s Board of Governors.

An Observer Status offers a number of advantages including the development of constant ties between the Observer and BSBTD in order to explore possibilities of cooperation in the Black Sea region., exchange of information about the apabilities and needs of the region’s countries, simplify procedures and mechanism for conducting joint investment and trade transactions with BSBTD and other regional financial institutions. At present an observer status in BSBTD is enjoyed by such leading development institutions as Banking Group KfW, the European Investment |Bank, the Austria Development Bank, the Association of European Development Finance Institutions, the International Development Bank and France’s Company – PROPARCO.

The Black Sea Bank for Trade and Development is an international financial institution founded in 1999 by eleven countries of the Black Sea region: Albania, Armenia, Azerbaijan,. Bulgaria, Greece, Georgia, Moldova, Russia, Romania, Turkey and Ukraine. Russia is among the three largest shareholders of the Bank (16.5%). The Bank’s headquarters is located in the city of Saloniki (Greece). The Bank’s charter capital is 4.7 billion US dollars. The Bank aims to promote economic cooperation between the member countries and regional cooperation in the Black Sea region.

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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