BSTDB Enhances Support for the SME Sector in Bulgaria
Press Release | 19-Sep-2011
The Black Sea Trade and Development Bank provided a EURO 31 million loan to the Bulgarian Development Bank (BDB) to on-lend to small and medium sized enterprises (SMEs) in Bulgaria. The facility aims at financing the modernization and expansion of the SME sector. Also, it will be used for export financing and working capital needs of SMEs engaged in manufacturing, agriculture, and the service sector.
This operation builds upon successful cooperation between BSTDB and BDB started in 2004 and is the second SME facility provided by BSTDB, following a EUR 8 million SME loan extended in 2009.
“This operation will have a development impact through creation of new jobs, increased export capacity and competitiveness of Bulgarian SMEs. The Black Sea Bank is fully committed to strengthening synergies with development finance institutions active in the region, leveraging lending to clients and promoting social cohesion” stated Andrey Kondakov, BSTDB President at the signing ceremony in Sofia.
The BSTDB portfolio in Bulgaria includes 12 operations of a total amount of EUR 123 million, of which over 75% is dedicated to the development of the SME sector.
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The Bulgarian Development Bank is a state-owned financial institution under supervision of the Ministry of Finance of Bulgaria. Until now BDB has attracted EUR 223 million in financial resources from 12 foreign financial institutions. The funds are aimed at the financing of small- and medium sized enterprises and the improvement of their competitiveness.
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.
Press Contact
Haroula Christodoulou
Tel: +30 2310 290533
Email: cchristodoulou@bstdb.org
