The Black Sea Trade and Development Bank (BSTDB) announced recently that it increased TuranBank's revolving credit availability to $14 million to promote Azerbaijan's export potential in the region.
"In 2011, BSTDB started cooperation with TuranBank with a $4 million credit line, which has been successfully utilized," Mustafa Boran, BSTDB's vice president for banking, said. "BSTDB is pleased to enhance the partnership with TuranBank, demonstrating BSTDB's continued commitment to Azerbaijan's foreign trade and financial sector potential."
BSTDB launched its trade finance program with Azerbaijan in 2002 and has since provided more than $96 million through four partner banks in the country.
Headquartered in Thessaloniki, Greece, the BSTDB was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. It supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries.
Established in 1992, TuranBank is a private bank owned by 28 individuals and legal entities. As of the end of 2013, TuranBank had $311 million in assets and approximately one percent of the market share in Azerbaijan's banking sector.
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