BSTDB syndicated loan raises USD 325 million

News | 19-Sep-2008

Following an application of the Nordic Investment Bank (NIB), the BSTDB Board of Governors granted the Observer Status to NIB.

The Observer Status envisages the establishment of close regular institutional contacts between the two multilateral development banks aimed at exploring cooperation opportunities while benefiting from each other’s expertise and comparative advantages. The identified priority areas for cooperation include co-financing projects, in particular infrastructure and environment-related projects, support for SMEs, funding of BSTDB operations in the Black Sea region, technical assistance, exchange of information on country strategies, other project and market-related information, staff exchange programs, joint initiatives in business promotion in the Black Sea region, etc.

The Observer Status is granted as of October 5, 2008 for an unlimited period.

NIB became the fifth BSTDB Observer institution, after KfW Banking Group (Germany), European Investment Bank (EIB), Development Bank of Austria (OeEB) and the Association of the European Development Finance Institutions (EDFI).

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Nordic Investment Bank (NIB) is an international financial institution owned by Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. Head office of the bank is in Helsinki, Finland. NIB started operations in 1976. NIB offers long-term loans on commercial terms to businesses and organisations in the private and public sectors within and outside the Nordic area, with priority given to infrastructure development and environmental improvements. NIB is rated AAA by Moody’s and S&P.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity, guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 with positive outlook and Short Term P2 by Moody’s.