BSTDB Contributes to the Recovery of a Meat Producer in ArmeniaYerevan, 24 Jun 2012
The Black Sea Trade and Development Bank (BSTDB) has restructured its USD 7 million loan to JSC “Natfood” signed in April 2008 and committed to provide additional working capital facility to the Company in the amount of up to USD 1.4 million. The restructuring would allow the Company to complete installing modern meat processing lines and to start producing high quality meat products for the Armenian market and for export. The restructured facility also involves the European Bank for Reconstruction and Development (EBRD) and VTB-Armenia.
“BSTDB is committed to supportingsmall and medium sized businessesessential for Armenia’s sustainable growth, job creation and competitiveness. The agreed loan restructuring and additional financing will enable Natfood to successfully complete the project soon. Constructive cooperation with EBRD and VTB-Armenia was instrumental in achieving a mutually acceptable solution”, said Andrey Kondakov, BSTDB President signing the agreement in Yerevan.
"BSTDB, along with EBRD and VTB-Armenia, are helping Natfood to go through a challenging period. We are confident that this investment will prove beneficial both for the banks and for our business” said Henrikh Zakharyantz, Natfood CEO and majority shareholder.
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JSC Natfoodis a private meat-processing company partially owned by EBRD and Mr. Henrikh Zakharyantz, prominent Armenian businessman engaged in food processing business and trade. Natfood factory is a new facility equipped with a state-of-the-art machinery and modern technology.
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 3.5 billion). BSTDB is rated long-term “A” by Standard and Poor’s and “A3” by Moody’s.
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