Press Releases

BSTDB joins forces with IFC to support glass packaging industry in Moldova


Thessaloniki, 21-Mar-2012

The Black Sea Trade and Development Bank (BSTDB) will provide USD 3 million to Moldovan Joint Venture “Glass Container Prim”, a Joint Stock Company. The eight-year BSTDB loan will finance the expansion of the Company’s production of high quality glass containers and will help increase its competitiveness. The loan will also help restructure the Company’s debt to achieve financial stability.

The BSTDB loan is extended in parallel with a USD 10 million facility provided by the International Finance Corporation (IFC), following combined USD 16.3 million debt-equity swaps by the company’s main shareholders. The BSTDB and IFC parallel loans were agreed in the framework of the Master Cooperation Agreement signed between the two development institutions in 2010.

  

The operation is expected to have a high developmental impact through the transfer of modern technology, employment creation, and by supporting the economic recovery of Moldova. It will also contribute to the expansion of trade of raw materials, components and quality glass containers between Moldova, Bulgaria, Romania, Russia, Turkey and Ukraine.

 

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Joint Venture “Glass Container Prim” Joint Stock Company, is a Moldovan private company producing high-quality glass containers since 2010. It is majority owned by Western NIS Enterprise Fund, a regional private equity fund.  The Company has a total production capacity of 130 million conventional bottles per year.



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.

 

Press Contact

Haroula Christodoulou

Tel: +30 2310 290533

cchristodoulou@bstdb.org