While the region is still overcoming the consequences of the global economic crisis, Armenia can serve a good example for both withstanding it and creating most favorable conditions for the activity of the Black Sea Trade and Development Bank (BSTDB), the bank’s president said.

“Armenia became one of the few BSTDB member-countries having recorded only 14% economic decline in 2009. Moreover, it currently ensures sustainable economic growth rates,” Andrey Kondakov said.

In this context, he deemed the latest forecasts by the World Bank and International Monetary Fund regarding 0,2% slump on average quite a low indicator.

“We positively assess Armenia’s economic situation and stand ready to increase funding in this country,” he said.