BSTDB supports SME financing in Russia

News | 30-May-2008

BSTDB will extend a USD 15 million loan to the Russian Slavinvestbank (SIB) for the financing of small and medium enterprises (SMEs).

The facility which carries a tenor of 5 years intends to finance sub-loans to be offered by SIB to Russian SMEs to finance their modernization programs, corporate development and investments.

The operation will strengthen the ongoing BSTDB program for SME support in Russia, which is curried out through selected Russian banks, including Credit Bank of Moscow, ZAO Europlan, NBD Bank and Zenit Bank.

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Slavinvestbank is a privately owned Russian bank established in 1994. SIB mainly focuses on medium sized and small companies, offering them short-term loans, documentary lines and settlement transactions. The Bank plans to enter the top-30 largest banks in Russia by the end of 2010 reaching USD 9.0 billion in volume of assets.

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. The Bank supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 (both with positive outlook) by Moody’s.