BSTDB Cooperates with KfW (Germany) to Support Rehabilitation of Municipal Infrastructure in Batumi, Georgia
Press Release | 18-Aug-2011
The Black Sea Trade and Development Bank (BSTDB) will provide an unfunded risk participation under the loan of EUR 20 million extended by KfW to the Finance Ministry of Georgia to rehabilitate communal infrastructure in Batumi and surrounding villages.
The project involves rehabilitation of the water distribution network and the wastewater system including installation of a wastewater treatment plant. It will ensure a 24-hour supply of hygienically sound water to the people and treatment of wastewater. Special emphasis is put on the protection of natural resources and the achievement of positive health and environmental impacts, especially for the Black Sea. With the total cost of EUR 44 million, the project represents the final stage of the Rehabilitation Programme of Municipal Infrastructure in Batumi.
“This project provides an important contribution to the Georgian socio-economic development. It reflects the BSTDB development objectives in the region and our successful joint effort with KfW and the Government aimed at improving living standards for the people of Georgia” said Andrey Kondakov, BSTDB President at the project signing ceremony in Batumi.
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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 (appx. EUR 3,3 billion). BSTDB is rated long-term A by Standard and Poor’s and A3 by Moody’s.
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