BSTDB: Azerbaijan's economy can become more independent and stronger even if oil prices go down

Interview of Secretary-General of the Black Sea Trade Bank Aristotelis Spiliotis with Report.

- How does the Black Sea Trade and Development Bank evaluate cooperation with Azerbaijan?

- Azerbaijan is one of our member states. In cooperation with the governments of the Black Sea Trade and Development Bank member states, we are trying to implement a specific strategy for all countries and support the country's priorities. I believe that our cooperation has been quite successful over the past years. I hope that in the future, we will further increase the volume of financing in Azerbaijan. We are also trying to support the diversification of Azerbaijan's economy. At the same time, we are trying to find relevant development projects in non-oil industry areas.

- How has the coronavirus "Covid-19" pandemic affected the economy of Azerbaijan?

- The pandemic has affected Azerbaijan's economy and all world countries. However, after the pandemic, there is currently a sharp increase in the prices of oil and gas in the world. This is a good result for Azerbaijan. However, the price of oil and gas in world markets will not always be like this. This situation is currently happening, and I think it is an excellent example of how to reserve extra money from the oil industry. Supporting other sectors of the economy is vital for achieving diversification. The economy of Azerbaijan can be more independent and stronger in other sectors when oil prices go down again. I think we can help you in this direction.

- Currently, the world is experiencing shortages in food supply due to the Russia-Ukraine conflict. Is the Black Sea Trade and Development Bank considering supporting Azerbaijan and other South Caucasus countries in this direction?

Azerbaijan, Georgia, and Armenia are member countries of the bank. We will try to invest and find relevant projects. We will also try to help implement cross-border projects between these countries. Currently, the situation in Ukraine and Russia is bad. We do not know when the situation will get better.

- What projects will the Black Sea Trade and Development Bank support in Azerbaijan in the future?

- Support to the countries that are members of the BSTDB depends on the situation in those countries. Sometimes more projects are needed in one country and less in other countries. In general, we try to maintain a balance between different countries. The bank and other financial institutions have sufficient funds. The main question is not about funds, but the main issue is finding and preparing projects involving the relevant public and private sectors, diversifying the economy, and supporting the improvement of people's well-being.

In Azerbaijan, there is no specific sector in which we provide special support. We can invest in different sectors. In addition, we are trying to support non-oil projects. Because we think that there is enough money in the oil sector and it doesn't need us. We believe that we can support the country's main priorities in the direction of diversification. In this regard, a business forum was held between the Azerbaijan-Black Sea Trade and Development Bank on June 24 in Baku. The forum's main goal was to promote the diversification of the economies of countries with rich resources like Azerbaijan.