OREANDA-NEWS. The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its 15th Annual Meeting under the Chairmanship of Mr. Samir Sharifov, BSTDB Governor for Azerbaijan and Minister of Finance of the Republic of Azerbaijan.

The Board approved the Bank's Annual Report and financial statements for the year 2012. The Bank posted a net profit for the eighth consecutive year, reaching in 2012 EUR 15.0 million, despite the continuing market uncertainties.

The Board of Governors reaffirmed the commitment of Member Counties to the Bank's development mission and encouraged the Bank to assume a greater role in regional cooperation and investment, while safeguarding its solid financial position. BSTDB will increase its contribution to strengthening intraregional infrastructure and networks, private sector capital participation, and further diversify its funding sources to complement shareholders' capital payments.

The Board elected the Governor for the Republic of Bulgaria as the Chairman of the BSTDB Board of Governors for a period of one year until the 16th Annual Meeting which will take place in Sofia, Bulgaria, on June 22, 2014.