||TECHNICAL COOPERATION FUND BY THE
BLACK SEA BANK
July 2001 (18:35 UTC+2)
The Black Sea Bank
reached an agreement with the Greek government which will
finance the creation of a Special Technical Cooperation Fund
with a budget of 800.000 Euro.
The agreement was
signed by Black Sea Bank president Ersoi Volkan and
undersecretary of national economy Yiannis Zafiropoulos. This
will be the first Special Fund that will be managed by the
The fund will back the preparation of projects and
will be used by the Black Sea Bank for the appointment of
advisers, who will assist in the drawing up of expediency
studies and operational plans, and the improvement of the
preparation of projects in the Bank's member-states.
The fund is
committed to use Greek advisers by 75%, while up to 25% of the
financing can be used for the appointment of advisers coming
from other Bank member-states or donor countries offering
similar technical cooperation resources to the Bank.
Sea Commerce and Development Bank (Black Sea Bank) is a
Thessaloniki based international economic organization that
was founded in 1999 by Greece, Russia, Turkey, Bulgaria,
Ukraine, Romania, Azerbaidjan, Albania, Armenia, Georgia, and
Moldavia. It has an approved capital of about US$1.3 billion
and supports economic development and regional cooperation
through the financing of public and private companies'
projects and trade transactions in the member-states.