BSTDB signs Memorandum of Understanding with VNESHECONOMBANK of Russia

News | 23-May-2008

The Black Sea Trade and Development Bank (BSTDB) and Russian state corporation "Bank for Development and Foreign Economic Affairs” (VNESHECONOMBANK) agreed to establish a framework for the development of long-term comprehensive cooperation.

A Memorandum of Understanding (MoU) between the two development banks was signed by Mr. Vladimir Dmitriev, Chairman of VNESHECONOMBANK and Mr. Hayrettin Kaplan, President of BSTDB on May 21 in Moscow.

The MoU identifies areas for the development of mutually beneficial cooperation, including project finance, lending operations and syndications to support infrastructure development, energy, environment protection and innovation in the Russian Federation. The Parties also agreed to explore co-financing opportunities in the countries of the Black Sea region.

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

VNESHECONOMBANK is a state corporation set in 2007 as a key instrument of the state investment policy. The Bank aims at supporting investment projects of national importance in key areas including energy and transport infrastructure, power industry, manufacturing, agriculture, etc. to foster innovation, environment protection and export promotion, as well as support for SME sector development. The authorized capital of the bank is RUR 180 billion (SDR 4,66 billion or appx. EUR 4,85 billion). VNESHECONOMBANK is rated long term BBB+ with stable outlook by Fitch 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 and guarantees for projects in the public and private sectors in its member countries. The authorized capital of the Bank has been increased to SDR 3 billion (appx. EUR 3,15 billion). BSTDB is rated long term Baa1 and Short Term P2 (both with positive outlook) by Moody’s.