Press Releases

BSTDB Strengthens Partnership with Moldovan Banks to Support the SME Sector Development

Thessaloniki, 25-Oct-2011

The Black Sea Trade and Development Bank (BSTDB) extended its first USD 10 million loan to Moldindconbank in Moldova. The proceeds of the loan will be used by Moldindconbank to finance eligible Moldovan small and medium-sized enterprises (SMEs).


The operation will contribute to SMEs access to credit and to the development and expansion of the SME sector, a key business segment of the Moldovan economy.  Furthermore, it demonstrates continuing BSTDB support to Moldovan banking sector and to fostering competition.  


“We are glad to start our cooperation with Moldindconbank, a new partner institution in Moldova, to jointly promote the development of the SME sector, which generates growth and employment in the country” said Mustafa Boran, BSTDB Vice President.


“The long-term funding represents a great demand in Moldova, as only few commercial banks can afford lending programmes to private businesses. We are confident that together with BSTDB, Moldindconbank will continue to support its clients, Moldovan SMEs, and will therefore generate a positive impact on the development of the national economy” said Svetlana Banari, President of Moldindconbank.


In 2011, BSTDB provided USD 24 million for assistance to the SME sector development, including leasing facilities, through its partner financial institutions in Moldova.


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Moldindconbank (MICB) is the third largest bank in Moldova by total assets (over USD 504 million). It works as a universal financial institution offering entire range of banking services to both retail and corporate clients. The Bank has a network of 93 branches and banking offices in Moldova and employs 925 people. MICB gross loan portfolio amounts to almost USD 339 million, over half of which provided to SMEs.


The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is SDR 3 billion (appx. EUR 3.3 billion). BSTDB is rated long-term A by Standard and Poor’s and A3 by Moody’s.


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