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BSTDB Annual Report 2000

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BSTDB Annual Report 2000 TABLE OF CONTENTS To the Board Of Governors 5 Statement By the President 7 I. INTRODUCTION 12 A. Mandate And Products 12 B. Mission Of the Bank 13 C. Operational Policy 14 II. ACTIVITIES OF THE BSTDB’S GOVERNING BODIES 17 III. WORLD ECONOMIC DEVELOPMENTS 18 A. Developments In Year 2000 18 B. Expectations For Year 2001 24 IV. OPERATIONS IN THE YEAR 28 A. Operational Priorities 29 B. Operations By Country 32 C. Maturity Structure Of the Banks Projects 38 D. Priority Sectors For the Banks Operations 39 E. Introducing New Products 46 F. Co-financing 46 G. Special Funds 48 H. Contributing To the Environment 49 I. Procurement 50 V. INSTITUTIONAL DEVELOPMENTS DURING THE YEAR 52 VI. CORPORATE GOVERNANCE 54 VII. HUMAN RESOURCES MANAGEMENT 57 VIII. FINANCIAL MANAGEMENT 59 A. Financial Results 59 B. Capital And Financial Status 60 C. Principles Of Financial Management 61 D. Reporting And Disclosures 64 Financial Statements Expressed In United States Dollars 65 Profit And Loss 65 Balance Sheet 66 Changes In Members Equity 67 Cash Flows 68 Notes To the Financial Statements 69 Financial Statements Expressed In Special Drawing Rights 78 Profit And Loss 78 Balance Sheet 79 Changes In Members Equity 80 Cash Flows 81 Capital Subscription And Voting Powers 82 Report Of the External Auditors 83 ANNEXES A. Board Of Governors And Board Of Directors As Of 31 December 2000 84 B. Organization Structure 86 C. Contacting the Bank 87 D. Table Of Macroeconomic Indicators For the Banks Member States 88 TO THE BOARD OF GOVERNORS The Board of Directors of the Black Sea Trade and Development Bank has reviewed and endorsed this Annual Report for the fiscal year ended 31 December 2000. The Banks second Annual Report has been prepared in compliance with the Banks requirements for financial reporting. The Chairman of the Board of Directors and President of the Bank submits this report with the accompanying audited financial statements to the Board of Governors. The Board of Directors is pleased to report that the Bank ended its second operational fiscal year with a positive operating balance. The Bank continued to expand project and trade finance operations and to strengthen its internal structure, thus fulfilling its mandate of a regional development financing institution, contributing to the prosperity of the people of its Member States. Ersoy Volkan Chairman of the Board of Directors President Black Sea Trade and Development Bank BOARD OF DIRECTORS [left to right] Oleg RYBACHUK, Director Vassilios KANELLAKIS, Director Chief of Prime Ministers Administration, General Director for International Economic Ukraine Relations, Ministry of National Economy, Hellenic Republic Aydin KARAOZ, Director Deputy Undersecretary of Treasury, David APTSIAURI, Director Republic of Turkey Deputy Minister, Ministry of Foreign Affairs, Georgia Georgy PETROV, Temporary Alternate Director Director of the Department of Economic Cooperation Roumen AVRAMOV, Director of the Ministry of Foreign Affairs, Russian Federation Member of the Managing Board, Bulgarian National Bank, Republic of Bulgaria Valentina SICLOVAN, Director Director General, General Directorate Adalet ALIYEV, Alternate Director for External Public Finance Division Chief, Foreign Economic Relations Ministry of Public Finance, Romania Department, Ministry of Finance Republic of Azerbaijan Ersoy VOLKAN, Chairman of the Board of Directors President of BSTDB Arthur JAVADYAN, Director Board Member, Central Bank of Armenia Republic of Armenia 4 5 STATEMENT BY THE PRESIDENT The expansion of operations achieved by the Black Sea Trade and Development Bank (BSTDB) in 2000 represents an accurate reflection of the efforts spent towards enhancing economic cooperation amongst the Banks Member States. Such expansion also reflects the commonalities between the structural characteristics underlying these developments. The BSTDB benefited from the improved macroeconomic picture of the BSEC region. Virtually all countries demonstrated moderate to strong growth- often in excess of initial projections. The upward volatility of oil prices helped producers and hurt consuming countries, but its negative effects proved less damaging than originally feared, a testament to the growing resilience of the Regions economies. Such conditions have helped sustain the turnaround observed in member countries economies in late 1999. In this context, it was gratifying for BSTDB to see demand for its services grow. Following the successful launch of operations in June 1999, the year 2000 was one of expansion for the BSTDB. We initiated the development of project and trade finance operations in all our member countries, and in the process constructed a solid stock, or pipeline, of operations to assess, prepare, and implement. The Banks portfolio reached 15 approved operations in energy, trade, transportation and manufacturing sectors. More significantly, we had over 30 operations at various stages of consideration within the pipeline, a promising indication of demand for the Banks products and of the perception of the value added which our involvement provides to regional investments and commercial transactions. This is particularly encouraging, given that the vast majority of operations completed, and under consideration, are with private sector firms and financial intermediaries. While we express no ex-ante preference for working with private or public sector institutions, a combination of external and internal factors has led to most demand for the BSTDB services and products coming from the private sector. One external factor is the increased interest of donors and multi-lateral development banks in the Black Sea region. Some of this welcome increase in attention is due to the Stability Pact for Southeastern Europe, an operational framework, which has helped to attract a greater volume of resources into the Region and to mitigate undeserved perceptions. This has led to a crowding out effect, as far as sovereign projects are concerned. A related external development involves the macroeconomic constraints faced by Member States most of whom are seeking to preserve preciously achieved macroeconomic stabilization by following tight fiscal and monetary policies. One element of every stabilization program involves limitations placed upon the Ersoy Volkan, amount of non-concessional sovereign debt, which a country may take, either Chairman of the Board of Directors explicitly or in the form of guarantees. This tightens considerably the prospects President of BSTDB for state firms involvement with BSTDB. A very significant factor overall, is an internal one, namely; the increased interest in the BSTDBs functions, from the private sector, a trend which is consistent with the private sector led nature of the growth of the member countries economies. With the exception of oil based growth, most of the expansion in the economies of the 6 7 Black Sea region has emanated from the sectors of the economy, where the to establish more productive links, working groups to garner greater knowledge involvement of the private sector has been highest - agriculture, services, small about their sector in the Black Sea region, and the Bank to identify new financing manufacturing, construction. This is a particularly promising development, since opportunities. sustained, long-term economic growth can only take place where the private sector is allowed to flourish under open, competitive conditions within a proper legal Cooperation is an apt theme for our Bank. From our management to our Board of Directors framework. While more remains to be achieved as regards private sector and our Board of Governors, it represents the spirit which guides our operations development, movement in the BSEC region has been substantial, and positive. effectively and which will help sustain high standards of productivity in the period ahead. I am also blessed with the BSTDB staff who, with their excellent skills, Positive movement is also an accurate description of the direction of economic cooperation talent and devotion, move the Bank forward. I am enormously indebted to all. among member countries. Indeed, the BSEC and the BSTDB owe their existence to the high priority placed by our eleven member countries upon expanding regional I see the BSTDB as an international financial institution quite adequately equipped with cooperation and deepening integration of their economies. I have attached utmost the vision that is needed to meet the challenging requirements of the Black Sea importance to ensuring that the BSTDBs operations seek to achieve regional region and to mobilize investible funds on good terms that are tailored to meet cooperation, as well as developmental impact; since cooperation and integration the long-term needs of creditors. represent benefits in their own right, with mutual gains which extend well beyond We are rapidly building our stock of knowledge of our region and acquiring unique the strictly economic sphere. expertise on the modalities of addressing its needs, with a view to make a difference In this context, I am especially pleased to note the growth in regional trade as well as the by tailoring our financial products to clients specific requirements. increase in direct investment involving firms domiciled in member countries. Not Our achievements will always form the foundations of our future endeavours. only is this in line with our dual mandate and improves business prospects in our operating environment, but it also indicates that the impetus for greater integration is
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