Armenia will contribute an additional €8.2 million to the capital of the Black Sea Trade and Development Bank (BSTDB), bringing its total investment in the financial institution to €31.2 million.

The decision was approved by the Armenian government, Sputnik Armenia reports.

Armenia currently holds a 1.01% stake in the bank's capital. However, the country accounts for approximately 12% of the BSTDB's outstanding loan portfolio across all member states.

The additional contribution will increase Armenia's financial participation in the regional development bank.

The BSTDB supports economic development and regional cooperation by financing projects in its member countries, including infrastructure, trade and private-sector development.