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TECHNICAL COOPERATION FUND BY THE BLACK SEA BANK
Thessaloniki, 5 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 bank.

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.

The Black 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.
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