BSTDB Holds Annual Meeting Events in Sofia, Marks the 15th Anniversary of Operations
Event | 20-Jun-2014
The Black Sea Trade and Development Bank (BSTDB), an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine, will hold the Annual Meeting of the Board of Governors under the Chairmanship of H.E. Daniela Bobeva, Deputy Prime Minister and BSTDB Governor for the Republic of Bulgaria, in Sofia on June 22, 2014.
The Board of Governors will evaluate the Bank’s operational activities and approve the 2013 financial statements. During 2013, BSTDB’s newly approved financing grew by 40%, and signed operations increased by 25% over the 2012 level. BSTDB posted a net profit for the ninth consecutive year.
This June, BSTDB marks the 15th anniversary of operations in the Black Sea region. Since 1999, the Bank has approved 300 projects for an amount of EUR 3 billion. Over EUR 2.6 billion have been disbursed, supporting national economic priorities in member countries. BSTDB projects focus on sectors generating growth and employment – manufacturing, energy, transport and telecommunications infrastructure, agribusiness, trade, and the financial sector.
Support to small and medium-sized business development, the backbone of market economy, has been a significant cross-sector priority for the Bank, with over EUR 875 million allocated for this purpose.
The Bank has approved financing of more than Euro 510 million for regional infrastructure projects in transport and telecommunications.
BSTDB has invested EUR 475 million in energy sector activities, including oil and gas, power supply and distribution, renewable energy and energy efficiency.
In recent years, the Bank has been increasingly active in municipal investment, local infrastructure and public utilities, having financed over EUR 200 million in municipal infrastructure.
The Bank’s Trade Finance Program promotes exports and import financing among member states, with cumulative financing reaching EUR 600 million.
Since securing its initial investment grade rating from Moody’s in 2004, the Bank has been upgraded three times and currently possesses an A2 long-term rating. The Bank has also obtained a long-term rating of A- from Standard and Poor’s. BSTDB is the highest-rated institution in the Black Sea region, and one of the top-rated in the Central and Eastern Europe.
BSTDB supports Bulgaria’s economic priorities and responds to the country’s business needs. The Bank’s cumulative portfolio in Bulgaria amounts to EUR 269 million allocated to 30 operations in small- and medium-sized (SME) business development, energy, and financial sector. The Bank’s active portfolio includes 11 approved operations of about EUR 100 million with over half allocated to the SME sector.
