ECONOMY
BSTDB to allocate large amount of credit to SOCAR
Baku, June 21 (AZERTAC). The Black Sea Trade and Development Bank (BSTDB) is going to allocate a large amount of credit to the State Oil Company of Azerbaijan Republic (SOCAR), said the BSTDB President Andrey Kondakov at a press conference in Baku.
"The Board of Directors of the bank will consider this issue on Saturday during a meeting in Baku. If the deal is approved, the credit will be the largest in the history of the BSTDB. The amount of the credit will be $5 billion," Kondakov told journalists.
According to him, the allocated amount will be directed to the implementation of a project related to oil refining outside Azerbaijan.
BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The bank supports economic development and regional cooperation by providing trade and project financing, guarantees and equity for development projects supporting both public and private enterprises in its member countries.
Currently, the bank`s activities are mainly focused on the financial sector. BSTDB has opened credit lines to 10 Azerbaijani banks - International Bank of Azerbaijan, Access Bank, AGBank, Unibank, Texnika Bank, Demir Bank, Kapital Bank, Azer-Turk Bank, Bank Standard and Bank Respublika.