Medvedev at the summit of BSEC, will meet with Turkey’s Prime Minister

© RIA Novosti / Vitaly to Belowaverage in fotobanka of the participating countries of the black sea economic cooperation (BSEC, BSEC). Archival photoMedvedev at the summit of BSEC, will meet with Turkey’s Prime Minister© RIA Novosti / Vitaly to Belowaverage the image Bank

The Chairman of the government of the Russian Federation Dmitry Medvedev in Istanbul at the summit of member countries of the black sea economic cooperation (BSEC), may 22 to meet with Prime Minister of Turkey, Binali Yildirim, said the officer of the government of the Russian Federation.

«Scheduled one confirmed meeting with the Prime Minister of Turkey,» — said in the Cabinet.

In addition, the Russian delegation will include Deputy Prime Minister Arkady Dvorkovich and energy Minister Alexander Novak. In the summit dedicated to the 25th anniversary of BSEC, will also be attended by President Recep Tayyip Erdogan, the President of Greece Prokopis Pavlopoulos, President of Moldova Igor Dodon, the Prime Minister of Romania Sorin Grindeanu, the President of Ukraine Petro Poroshenko.

The focus will be the selection of projects for their further implementation in the areas of renewable energy, energy efficiency, green technologies, development of small and medium entrepreneurship, improvement of regional and municipal infrastructure, increasing the export potential of the States of the region and more.

Earlier, the press service of the Russian government reported that in the agenda of the summit was to review the organization is facing challenges, including expansion of practical cooperation member countries, including the development of cross-border highway, marine and energy infrastructure.

THE WORK OF THE BSEC

The black sea economic cooperation (BSEC) as a regional organization was established in 1992. In 1998 it was decided to transform the BSEC organisation of the black sea economic cooperation (BSEC). Its membership currently comprises 12 countries: Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Serbia, Turkey and Ukraine.

The main goal of the organization is to promote comprehensive cooperation among regional countries in trade, economic development, Finance, energy, transport and many other areas.

In 2017, the organization holds the presidency of Turkey. Currently, BSEC members are interested in the development of specific regional projects, in particular, the coordinated development of the Ring road around the Black sea with access to the TRANS-European highway and development of motorways of the sea.

Within BSEC, there are nearly 20 working groups on key areas of cooperation, including transport, energy, science and technology, ecology, communications, agriculture, education, emergency management, combating organized crime. The organization also operates several special subgroups.

In the framework of the BSEC was also created black sea Bank of trade and development (BSTDB), international centre for black sea studies (ICBSS), the Business Council and parliamentary Assembly of BSEC (PABSEC). Russia is the coordinator of the working group on science and technology, energy, ad hoc working group on fires and floods, and seismic risks.

Russia, like Turkey and Greece, are the major shareholders of BSTDB (17% in equity).

From 1994 to 2016, the BSTDB has financed 51 Russian project in the amount of 894 million euros. In 2016, the total active credit portfolio of the Bank amounted to 220 million euros, issued on 13 Russian projects (18,42 % of the total volume issued in 2016).

Currently, Russian credit portfolio together with projects also included corporate bonds of Russian issuers totaling over $ 30 million.

In 2016, the Russian Federation decided to allocate 1 million dollars for payment of lump-sum voluntary contribution of Russia to Finance the development mechanism project cooperation in the black sea region. The funds have been transferred to the BSEC in December 2016 in accordance with a separate donor agreement between the government of Russia, the Secretariat of BSEC and the BSTDB.

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