Baku: The financing volume of the Black Sea Trade and Development Bank (BSTDB) in Azerbaijan has increased, APA-Economics reports, citing the Bank.

According to Azeri-Press News Agency, the total value of 44 projects approved by the Bank in Azerbaijan rose by 2.5%, or 11.4 million euros, reaching 442.2 million euros. The value of 46 signed projects increased by 10.9 million euros, or 2.5%, amounting to 439.6 million euros.

BSTDB has expanded its project allocations, increasing the number from 41 to 42. The total volume of allocated funds has risen by 93.6 million euros, or 15.4%, reaching 701.6 million euros. According to the Bank's portfolio structure, financial institutions account for the largest share of projects at 49.37%. The energy sector follows with 35.88%, while real estate, consumer-oriented sectors, and fast-moving consumer goods account for 7.04%, 3.99%, and 3.72% respectively.

The Black Sea Trade and Development Bank (BSTDB) was established in 1996, with Azerbaijan becoming a member in 2002 and holding a 5% stake. Acting as shareholders, the 11 member countries, including Azerbaijan, Turkey, and Greece, among others, support regional cooperation through initiatives and share capital participation. BSTDB is dedicated to implementing projects that drive economic growth in its member countries.

Source: Azeri-Press news agency