BSTDB BOARD OF GOVERNORS SITTING HELD IN YEREVAN

The seventh sitting of the Board of Governors of the Black Sea Trade & Development Bank (BSTDB) and the Black Sea Business Forum started in Yerevan on Sunday. High rank officials of the Black Sea regions as well as of a number of international and financial organizations – the European Union, European Bank for Reconstruction and Development, International Monetary Fund, World Bank and International Financial Corporation – have been invited to the Business Forum. The delegation of the Russian Federation headed by the Russian branch of the BSTDB, director of the department for investment policy of the RF Ministry of Economic Development Svetlana Ganeyeva is taking part in the BSTDB sitting. The participants of the sitting held under the aegis of the Armenian President and Government are considering the annual report on the bank activities in 2004 and the key issues of the BSTDB development. The election of the new chairman is also on the agenda. To remind, presently the post is occupied by Armenian Minister of Economy and Finance Vardan Khachatrian. The discussions of the forum will focus on the realization of the investment potential of the Caucasus and the role of international organizations of the process as well as the assistance to small business in Armenia and other states of the Black Sea region. To remind, the Black Sea Trade & Development Bank was founded in 1994 by members of the Black Sea Economic Cooperation Organization – Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Russia, Turkey and Ukraine. The BSTDB promotes the economic development of the member-states by financing the programs of state and private enterprizes, RIA Novosti reports.