BSTDB cooperates with other IFIs to finance a major international air hub in St. Petersburg
Press Release | 28-Apr-2010
The Black Sea Trade and Development Bank committed to participate with a loan of EURO 15 million in the financing of the construction, operation and maintenance of a new terminal at St. Petersburg’s Pulkovo airport as part of a €716 million long-term debt package to be financed by major International Financial Institutions, namely EBRD, IFC, Nordic Investment Bank, the Eurasian Development Bank and Russia’s state-owned VEB.
The financing will represent the first Public-Private-Partnership project in Russia and a strategic investment that determines the development of St. Petersburg, the second largest city in Russia, as a major world transport hub.
The tenor of the loan is 15 years, with a grace period of 4.5 years.
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The borrower is Northern Capital Gateway (NCG), a consortium which includes Fraport AG and which last year won a 30-year concession from the city of St. Petersburg to rebuild, finance and operate Pulkovo airport. Fraport’s financial partners in NCG consortium are Russia’s state-controlled VTB Group and Horizon Air Investment SA, part of Greece’s Copelouzos group, which holds a stake in Athens airport. The project’s financial advisor is VTB Capital.
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 and trade financing in the public and private sectors in its member countries. The recently increased authorized capital of the Bank is SDR 3 billion (approx. USD 4,85 billion). BSTDB is rated Long Term Baa1 with positive outlook and Short Term P2 by Moody’s.
Press Contact
Haroula Christodoulou
Tel: +30 2310 290533
Email: cchristodoulou@bstdb.org