BSTDB Joins Master Cooperation Agreement with IFC to Help Bridge Financing Gaps in the Black Sea Region
Press Release | 10-Oct-2010
The Black Sea Trade and Development Bank became the seventh development finance institution to join a Master Cooperation Agreement led by the International Finance Corporation (IFC), which helps bridge private sector financing gaps in emerging markets by making it easier and faster for lenders to co-finance projects with IFC.
The IFC’s Master Cooperation Agreement standardizes steps that lenders take when joining IFC to co-finance projects, increasing efficiencies and saving borrowers and lenders time and costs throughout the life of a loan. IFC created the agreement in response to calls by G20 nations for increased collaboration among international financial institutions to help meet private sector financing shortfalls during the global financial crisis.
“IFC and the Black Sea Trade and Development Bank share a desire to support economic development and regional cooperation in the 11 countries of the Black Sea Economic Cooperation region,” said Rashad Kaldany, IFC Vice President for Asia, Eastern Europe, Middle East and North Africa at a signing ceremony to formalize the cooperation. “The Master Cooperation Agreement allows us to work together more effectively and get funding to where it’s needed more quickly.”
Andrey Kondakov, President of BSTDB said, “Joining the Master Cooperation Agreement is an important step for BSTDB to further strengthen our cooperation and coordination with IFC and peer financial institutions in supporting investors and companies in our member countries to promote development of infrastructure, energy, financial sector, and other key areas.”
IFC mobilizes funding from other financiers to meet the needs of private sector clients in emerging markets. Lenders who adopt the Master Cooperation Agreement will benefit from IFC’s existing syndication platform, deal-structuring expertise, due diligence and global presence.
The current signatories to the Master Cooperation Agreement are the Belgian Investment Company for Developing Countries (BIO), France’s Société de Promotion et de Participation pour la Coopération Economique (Proparco); Germany’s Deutsche Investitions- und EntwicklungsgesellschaftmbH( DEG); the Developmental Bank of Japan (DBJ),the Netherland’s NederlandseFinancierings-MaatschappijVoorOntwikkelingslanden N.V.(FMO) and the OPEC Fund for International Development (OFID).
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.
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. For more information, visit www.bstdb.org
Mr. Kondakov, BSTDB President signed the Master Cooperation Agreement with Mr. Rashad Kaldany, IFC Vice President for Asia, Eastern Europe, Middle East and North Africa on October 10, 2010 in Washington
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