BSTDB expands its SME finance program in Russia

News | 25-Jan-2007

Thessaloniki, 25 January 2007

BSTDB EXPANDS ITS SME FINANCE PROGRAM IN RUSSIA

BSTDB selected NBD-Bank as a financial intermediary in Russia for its SME finance facility. BSTDB will extend a US $ 5 million SME loan facility to NDB with the aim of financing regional small and medium-sized enterprises (SMEs).

NBD-Bank became BSTDB’s fourth financial intermediary in the Russian Federation, with similar BSTDB financial facilities provided earlier to Probusinessbank, Europlan and KMB.

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Established in 1992, NBD-Bank is the third largest bank operating in Nizhny Novgorod region in Russia. It is majority owned by private organizations based in Nizhny Novgorod region, while EBRD has a blocking minority stake in the bank. NBD Bank has focused strategy of financing small and medium business enterprises. The bank currently has 15 branches with an expansion plan for setting up new branches in the nearest 7 regions. NBD has established strong cooperation with major IFIs such as EBRD and IFC, as well as with development assistance agencies including USAID, KFW and DEG (Germany) and FMO (the Netherlands) and also some commercial European banks.

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. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 by Moody’s.