BSTDB Joins Forces with the Development Bank of Austria to Increase Financing for the Black Sea Region

News | 10-May-2016

The Black Sea Trade and Development Bank (BSTDB) and the Development Bank of Austria (OeEB) have signed a second loan agreement totaling EUR 20 million for the financing of projects of mutual interest in the Black Sea region.

The 7 year facility will be used by BSTDB to finance private sector projects and investments in member countries, in particular, for the creation, modernization, expansion and diversification of industrial, agricultural and service-oriented businesses. It will also be used for the export and pre-export financing of enterprises which manufacture for export and earn hard currency revenues.

This second facility follows the successful implementation of the first EUR 30 million loan agreement signed in 2012.

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Oesterreichische Entwicklungsbank AG (OeEB) is a wholly-owned subsidiary of Oesterreichische Kontrollbank (OeKB), the Export Credit Agency of Austria. OeEB is a private finance institution mandated by the Austrian Government to act as the Development Bank of Austria. It is financing private-sector projects in developing countries that have a sustainable impact on the regional economic development.