Decision on new BSTDB members in 2005

Tirana, 9 June 2004 (16:55 UTC+2)

Macedonian Press Agency, Greece
June 9 2004

A decision on the accession of one or two new members into the Black
Sea Trade and Development Bank, BSTDB, is expected to be reached
in the first half of 2005, according to statements made to MPA by
Armenia’s deputy Minister of Finance and Economy David Avetissian,
the bank’s new Board of Directors President.

The Armenian official, who was elected to the post in the
bank’s general assembly meeting in Tirana, did not reveal the new
members of the bank. However, well-informed sources mentioned that
Serbia-Montenegro will be the 12th state that will participate in
the bank’s share capital followed by FYROM.

Also, the urgent issue of the capital review will be discussed in the
next BSTDB general assembly meeting in Yerevan, Armenia in June 2005
given the fact that certain member-states have a hard time contributing
their share in the bank’s capital.

In a press conference in the Albanian capital, BSTDB president Mustafa
Gurtin stated that Armenia, Georgia and Moldavia requested to cut down
their participation in the share capital of the bank from 2% to 1%.

Mr. Avetissian clarified to MPA that one of the priorities during his
term until June 2005 will be the financing of regional projects and
activities in the sectors of energy and transportation infrastructure.

The BSTDB general assembly in its 6th annual general assembly meeting
in Tirana also elected the representatives of Moldavia and Russia
as assistant presidents for the period until the 7th annual general
assembly to be held in Yerevan, Armenia on June 5, 2005.