BSTDB Expands Support for SME Sector in Ukraine
News | 01-Sep-2021
The Black Sea Trade and Development Bank is stepping up its cooperation with JSC “CREDITWEST BANK” by providing a new USD 5 million loan to support the development of the small and medium-sized businesses in Ukraine. JSC “CREDITWEST BANK” is pursuing the strategy of expanding its SME lending portfolio including by actively participating in the national programs for SME support. The new BSTDB facility will be used to increase the accessibility to finance for private SMEs and entrepreneurs in line with this strategy.
BSTDB has been cooperating with JSC “CREDITWEST BANK” since 2015, when a USD 5 million revolving Trade Finance Facility was provided. Under the revolving Facility, up to date BSTDB has disbursed to JSC “CREDITWEST BANK” a total of USD 35 million to finance foreign trade transactions of Ukrainian companies with the countries of the Black Sea region and beyond. Partnership between BSTDB and JSC “CREDITWEST BANK” is a strong example of the Bank’s support of cross-border FDIs between its Member States and in particular of strengthening Turkish-Ukrainian economic and investment relations.