BSTDB establishes a Technical Cooperation Fund with the Development Bank of Austria

News | 04-Nov-2008

BSTDB and the Development Bank of Austria (OeEB) have established a Technical Cooperation Special Fund (the Fund) aimed at facilitating technical cooperation activities in the BSTDB member countries.

The OeEB will contribute to the Fund an initial amount of EUR 500,000 provided by the Government of Austria as Official Development Assistance (ODA). BSTDB will administer the Fund according to its relevant policies and the signed Contribution Agreement and Rules and Regulations of the Fund.

BSTDB will utilize the Fund to finance consultancy services provided to private sector entities for the preparation of feasibility studies, business plans, financial analysis and accounts, training for partner financial institutions, financing of business studies and other relevant activities.

The Fund will be used in the BSTDB member countries eligible for ODA, which currently include Albania, Armenia, Azerbaijan, Georgia, Moldova, Türkiye and Ukraine.

The Fund established in the framework of the OeEB Observer Status with BSTDB is aimed at facilitating the access of private sector enterprises of the Black Sea Region to financing provided by non-regional financial institutions.

****************

The Development Bank of Austria (OeEB) is a wholly owned subsidiary of Oesterreichische Kontrollbank AG (OeKB), the Export Credit Agency of Austria. The mandate of OeEB is to support commercially viable projects primarily in the private sector - both enterprises and financial institutions - in the countries that meet the development policy criteria. OeEB provides long-term loans, equity, mezzanine financing, refinancing lines, participates in funds, etc. All activities of OeEB are not tied to Austrian investments, supplies or services. Political and commercial risks involved in projects of OeEB are covered by sovereign guarantees issued by the Government of Austria. More information is available at http://www.oe-eb.at/.

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.