YEREVAN, March 24. /ARKA/. During the next four years the portfolio of Black Sea Bank of Trade and Development in Armenia can be doubled, President of the Bank Andrey Kondakov informed.

“Details of the strategy for Armenia is now discussed with the Armenian Government. We plan to seek funds and fund from five to seven new projects in the amount of 50 million EURO in Armenia”, he said in the press-conference in Yerevan on Thursday.

As now the portfolio of the bank in Armenia is 51 million EURO, we speak about doubling this indicator. Significant part of this amount can be transferred to the real sector of economy.

“It is important that shareholders from Armenia consider that the bank should continue funding and the work with financial structures, that is why the share of financial institutes will prevail in our portfolio”, said Kondakov. Armenia occupies the sixth place by portfolio size among eleven member-states.

“Though Armenia invested 1% (the share of Armenia in charter capital of the bank), it has about 5% (from total) portfolio. It is a good indicator showing that there are good projects in Armenia funded by the bank”, he said.

Currently, 10 projects of Black Sea Bank of Trade and Development are implemented in Armenia in the total amount of 51 million EURO.

Black Sea Bank of Trade and Development is an international NGO related to the organization of Black Sea Economic Cooperation where the share of Russia, Greece and Turkey is 16.5%, Bulgaria, Romania and Ukraine – 13.5%, Albania and Azerbaijan - 2% of charter capital, Armenia, Moldova and Georgia - 1%. --0--