SOCHI (Sputnik) — The Organization of the Black Sea Economic Cooperation (BSEC) should increase the annual financial contributions of its 12 member states, as the fund for the projects development is almost empty, BSEC Secretary General Michael Christides said on Friday.
"The fund for projects' developments is practically empty, we need to fill it with new contributions from member countries. We also need to raise the amount of annual contributions of member countries," Christides said, opening the BSEC Council of Foreign Ministers' session in Russia's resort city of Sochi.
On Russian initiative, the first contacts between the BSEC secretary general, leadership of the Asian Infrastructure Investment Bank and the Chinese Silk Road Fund were held to discuss financing options for transport infrastructure projects in the region.
BSEC should increase the period of chairmanship from six months to one year, Christides added.
"This way most of the regional organizations are functioning. It allows for a more rational approach to resources distribution," he stated.