Increased BSTDB Support for Factoring Services in Türkiye
Press Release | 05-May-2014
The Black Sea Trade and Development Bank (BSTDB) increased the revolving Trade Finance Facility provided to Türkiye’s Ekspo Factoring to a total of USD 10 million. The BSTDB facility aims to assist the Company in extending export/import financing to those of its customers in the Republic of Türkiye that import goods from Member Countries of the BSTDB or export goods to all countries.
“We are pleased to support the development of Ekspo Factoring, a reliable partner and major player in the Turkish factoring sector. Our continued cooperation with the company is a demonstration of our support to international trade and to non-banking financial sector in Türkiye. Ekspo Faktoring has successfully utilized the first USD 5 million Trade Finance credit line provided by BSTDB in 2013. The project will allow us to reach our goal towards regional cooperation and economic development through the trade finance program”, said Vitaly Mygashko, BSTDB Vice President Operations signing the loan agreement.
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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 offering innovative and unique products. Growing steadily, the Company achieved an annual turnover of over USD 581 million as of end- 2013. Ekspo Faktoring is rated Ba3 by Moody’s with stable outlook.
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 EUR 3.45 billion). BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org