BSTDB supports agribusiness in Armenia

News | 07-Jun-2007

Thessaloniki, 7 June 2007

BSTDB provided a EURO 3 million secured term loan to CJSC Euroterm. BSTDB’s funds will be used for financing capital expenditures related to modernization of the company’s production and packaging equipment, investments in cultivation of fruits and vegetables, and working capital.

BSTDB’s facility will contribute to the development of Armenia’s food processing industry and the agribusiness sector of the country.

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CJSC Euroterm is one of the leading producers of fruit juice, fruit concentrates and canned fruits and vegetables in Armenia. The Company sells its products both domestically and to foreign customers under the brand name “Noyan”. The Noyan brand name enjoys a strong recognition and popularity in the Republic of Armenia. Euroterm’s food products occupy approximately 13% of the Armenian market.

Apart from the fruit juice related products, Euroterm is also active in assembling and distributing heating systems for commercial and residential properties. The Company is one of four major players in the Armenian market for aforementioned products.

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. US$ 1,45 billion), the Bank supports economic development and regional cooperation by providing 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 by Moody’s.