Azernews.Az

More than half (50.75 percent) of the projects financed by the Black Sea Trade and Development Bank (BSTDB) in Azerbaijan is comprised of supports small and medium enterprises through financial institutions, Azernews reports, citing local media outlets.

A total of 32.74 percent of the financed projects cover energy, 7.89 percent real estate, 4.46 percent consumer goods and 4.17 percent industrial sector.

Some 43 projects (worth €423.6m) were signed between Azerbaijan and BSTDB, 42 of them (€433.4m) were approved and 39 projects (€543.3m) were financed.

The provided loans are mainly directed to the energy sector, including the companies SOCAR Trading and SOCAR AQS, as well as the development of the Shah Deniz field.

According to the Bank's March 2021 climate change strategy, it is planned to significantly increase lending to green energy, as well as other projects favorable to the climate agenda and socially oriented projects in the next 10 years. At the same time, the cooperation of BSTDB with Azerbaijan in the field of renewable energy seems quite promising. Thus, by 2027, Azerbaijan plans to put about 1,800 megawatts of renewable energy into use. By 2030, this indicator will reach 5 gigawatts. A significant part of those projects will be realized from the Karabakh region, which aims to create a green energy zone.

To recall that the Black Sea Trade and Development Bank was established in January 1997 in order to support the development of the economy of the Black Sea basin countries and strengthen regional cooperation. Its founders and shareholders are the governments of 11 countries - Russia, Greece, Turkiye, Bulgaria, Ukraine, Romania, Albania, Azerbaijan, Georgia, Moldova and Armenia. Azerbaijan's share in the bank's capital is 5 percent.

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