Black Sea Trade and Development Bank (BSTDB) extended US$ 16.25 million loan to TURKEXIMBANK

Press Release | 04-Sep-2000

The Pre-Export Finance Agreement was signed by Mr. Ersoy Volkan, President of BSTDB and Mr.Ahmet Kilicoglu, General Manager of Turk Eximbank, and Mr.Ertan Tanriyakul, Assistant General Manager of Turk Eximbank, on September 4, 2000 in Istanbul.

BSTDB is an international financial institution established in 1998 by eleven countries of the Black Sea Economic Cooperation Organization (BSEC) and has its headquarters in Thessaloniki (Greece). Türkiye is among its major shareholders. The Bank supports economic development and regional cooperation by providing financing for projects and trade transactions to public and private enterprises in its countries of operation - Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine.

The Agreement represents BSTDB's commitment valued at US$16,250,000 to Turk Eximbank on a revolving basis of 180 days.

The purpose of the facility is to provide short term pre-export financing to Turk Eximbank's customers in Türkiye, which export goods to other BSTDB member countries. Turk Eximbank will immediately channel the proceeds of this loan to the Turkish exporters.

BSTDB and Turk Eximbank believe that the above trade finance facility will serve to expand the relations in the scope of medium and long term project financing in the BSTDB member countries.