BSTDB Supports Trade Finance Operations in Türkiye
Press Release | 21-Feb-2013
The Black Sea Trade and Development Bank (BSTDB) provided a revolving USD 5 million Trade Finance facility to Ekspo Faktoring A.S. The facility will support Turkish exporters and encourage trade across countries in the Black Sea Region.
“I am pleased that our trade finance program in Türkiye for the first time includes a factoring company as a business partner. The operation will promote the Bank’s objective to facilitate export growth, competitiveness and regional cooperation”, stated Mustafa Boran, Vice President Banking after the signing.
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Ekspo Faktoring A.S. was founded in Türkiye in 2000 to offer factoring services for domestic and international markets. The company became a pioneer in the sector and achieved an annual turnover of over $560 million as of year-end 2011. Ekspo Faktoring is rated Ba3 as a foreign currency issuer by Moody’s and BBB+/Baa1 national scale long-term by Fitch and Moody’s.
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 are 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 3.5 billion). BSTDB is rated long-term “A-” by Standard and Poor’s and “A3” by Moody’s. www.bstdb.org
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