BSTDB Extends Support for Small Business Development in Albania
Press Release | 16-Apr-2014
The Black Sea Trade and Development Bank (BSTDB) is providing a EUR 6 million loan to Fondi Besa SH.A., the largest non-bank micro finance institution in Albania. The BSTDB loan proceeds will be on-lend to micro, and small and medium-sized enterprises (SMEs) in the country, supporting export growth and job creation. The operation will also contribute to the strengthening of Albania’s non-banking financial sector.
“Supporting small and medium-sized business in the region is a priority of the Black Sea Trade and Development Bank. Strengthening the SME sector stands high on the development agenda of Albania, and the Bank is happy to cooperate with Fondi Besa in promoting increased competitiveness of local SMEs in line with Albania's economic policy objectives” said Andrey Kondakov, BSTDB President signing the loan agreement.
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Established in 1994, FondiBesa is a leading non-bank microfinance institution in Albania. The mission of Fondi BESA is to help the economic growth and poverty reduction in urban and semi-urban areas of Albania by promoting micro, small and medium enterprise sector through the creation of a private micro-financial Albanian fund which is self-sustainable. Clients of the Fund include people from all socio-economic layers, including unemployed and start-up businesses. Fondi BESA provides all kind of lending, including consumer and mortgage loans.
The Black Sea Trade and Development Bank (BSTDB), an international financial institution with headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. BSTDB started operations in June 1999 and has authorized capital of €3.45 billion. The Bank 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. BSTDB is rated long-term “A2” by Moody’s and “A-” by Standard and Poor’s. For more information about BSTDB, please visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org