Today, June 16, First Deputy Prime Minister, Minister of Economic Development and Trade of Ukraine Stepan Kubiv took part in the 21st Annual Meeting of the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) in Istanbul, Turkey.

The meeting was devoted to the general issues of the Black Sea region development, in particular the issue of promoting the regional development of the member countries.

"It is important that the Board of Governors expands the activities of the Bank and approved 28 new projects to the tune of EUR 569.7 million in 2018. At the same time, it is important that the active portfolio of projects in Ukraine corresponds to the level of our contribution to the Bank's share capital, namely 13.5%, not 6% we see now. I urge the Bank’s management to expand the presence of the BSTDB in Ukraine and increase funding for Ukrainian development projects", Stepan Kubiv stressed in his speech.

The First Deputy Prime Minister emphasized that Ukraine welcomes enhanced cooperation with international partners and  signing of the Cooperation Agreement with the OPEC Fund for International Development (OFID) in 2018.

"The BSTDB is a development bank by the nature of its activity, so it should promote and finance regional projects of the public and private sector of the member countries, including Ukraine. In particular, this may be the development of digital economy and digital infrastructure in the Black Sea region since it is an investment in general security, a new dimension of trade, better social and public services, education, therefore a better future and a better quality of human life, " Stepan Kubiv stressed.

The First Deputy Prime Minister also proposed to hold  22nd Annual Meeting of the BSTDB in 2020 in Ukraine.

Background

The Black Sea Trade and Development Bank is an international financial institution that unites 11 member states of the Black Sea Economic Cooperation Organization. The organization was created for the development of trade and economic cooperation, maintaining peace, stability and prosperity in the Black Sea basin.