The Assembly has advocated the development of cooperation in banking and finance among the BSEC member countries (rec. 9/1995). In that respect, the parliaments have been called upon to expedite the enactment of legislation on privatization, infra-structural development, protection of domestic and foreign investments (rec. 38/1999) and avoidance of double taxation (rec. 30/1998).
The Black Sea Trade and Development Bank (BSTDB) was established by the eleven BSEC Member States in 1998 as a regional multilateral development financial institution starting its full operation on 2 June 1999. The PABSEC has closely worked with the national parliaments of BSEC countries to speed up the ratification process of the BSTDB Establishing Agreement, and in June 1999, upon the establishment of the Bank, the Assembly adopted a recommendation and report on the BSTDB (rec. 33/1999).
Through its Economic Affairs Committee PABSEC regularly reviews the activities of the Bank with a view to contributing in giving an input in its future strategies. In its recommendations, The Assembly has stressed the need to improve the overall financial and banking systems of the member countries as well as to better involve the Bank in the regional integration process. The BSTDB’s role has increased in the last years through the acceleration of its activities, which have turned it into the financial pillar of regional cooperation (rec. 65/2002).