BSTDB Supports Wine Production and Agritourism in Southern Russia
Press Release | 19-Nov-2011
The Black Sea Trade and Development Bank (BSTDB) provided a 7-year EUR 25 million loan to Russian ZAO “Abrau-Durso”, a leading Russian sparkling wine producer. The loan will help upgrade the quality and increase the capacity and efficiency of the company’s production facilities. Also, it will be used for the construction and operation of a high standard hotel located in the vicinity of lake Abrau in the Krasnodar region, thus contributing to the development of the tourist infrastructure in the Black Sea region of Russia. Developmental impact of the operation includes creation of new jobs in the region.
“The project reflects the Bank’s priorities to support modernization and increased diversification of economic activities in Russia, as set forth in the newly adopted BSTDB country strategy. The regions of Southern Russia are a priority area for Bank investment. The operation will promote the tourism potential of the Krasnodar region and lead to significant economic benefits”, stated Andrey Kondakov, BSTDB President signing the loan agreement in Moscow.
“The terms and conditions of the loan take into account the nature of our business and are more attractive than funding currently available for us in Russia. This long-term loan will enable us to plan development of our business for years ahead” said Boris Titov, “Abrau-Durso“ Director General.
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ZAO Abrau-Durso is the oldest producer of sparkling wine in Russia. Abrau-Durso has a unique Russian tradition of sparkling wine production based on traditional French techniques. The Production Company has been founded 140 years ago and since then has been renowned in the country for producing top sparkling wines.
Over the period after 2006, major investment has been made in the restoration of the vineyards, including 200 hectares of new vines brought from France and Austria, and over USD 13 million invested in the development and modernization of production facilities.
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.