BSTDB supports energy and infrastructure development in Greece and in the Black Sea Region
Press Release | 05-Oct-2010
BSTDB made available a EUR 20 million corporate loan to construction company Terna S.A. (GEK-Terna Group, Greece) to support its investment program in Greece and the Black Sea region.
The financing will be used for the Company’s construction projects in the sectors of energy and infrastructure, which include, among others, 2 thermal power stations in Greece (in Megalopolis and the Rhodes island).
BSTDB involvement will support important infrastructural investment projects of a leading Greek construction company with expanding cross-border activities in the Black Sea region, including in the BSTDB member-countries of Albania, Bulgaria, Romania and Russia.
“As a development bank, BSTDB gives high priority to supporting energy and infrastructure as key sectors contributing to the economic development and integration of the countries of the Black Sea region. We are also committed to increase our operations in Greece to support the country in the current challenging economic situation“, stated the BSTDB President Andrey Kondakov at the signing of the loan agreement.
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Founded in 1972, Terna S.A. is a 100% subsidiary of GEK Terna Group and one of the leading construction companies in Greece. It holds 7th grade construction certificate and a long-term experience and successful track record in implementing complex and large-scale projects. Its main activities involve public and private construction projects, such as tunnel constructions, stadiums, recreation parks, building complexes, etc. The GEK Terna Group is a conglomerate of companies mainly involved in infrastructure development and renewable energy. The Group’s total assets and equity amount to Euro 1.9 billion and Euro 765.8 million, respectively.
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 authorized capital of the Bank is SDR 3 billion (approx. USD 4,5 billion). BSTDB is rated A3 by Moody’s.
Press Contact
Haroula Christodoulou
Tel: +30 2310 290533
Email: cchristodoulou@bstdb.org