BSTDB establishes Euro 800.000 Technical Cooperation Special Fund Provided by the Government of the Hellenic Republic

Press Release | 04-Jul-2001

On July 4, 2001 BSTDB concluded a Contribution Agreement with the Government of the Hellenic Republic in respect of a Technical Cooperation Special Fund for Euro 800.000 to be provided by the Government. The Agreement was signed by Mr. Ersoy Volkan, President of BSTDB and Mr. Yiannis Zafeiropoulos, Deputy Minister of National Economy of the Hellenic Republic.

The facility represents the first Special Fund to be administered by BSTDB. The Fund is a project preparation facility, which will be used by BSTDB to hire individual consultants or consulting companies to assist in the preparation of feasibility studies, business plans, the upgrading of financial statements and accounts, and other technical assistance needed for projects in the BSTDB member countries.

The Fund is tied to the use of Greek consultants and consulting firms, with at least 75% of funding of each activity under the facility financing Greek consultants or firms, and up to 25% of the funding may be used for financing consultants or firms from other BSTDB member countries, or from other donor countries which provide technical cooperation funds to the Bank.

Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Ukraine, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki. With authorized capital of SDR 1 billion (approx. US$ 1,3 billion) the Bank supports economic development and regional cooperation by providing financing for projects and trade transactions to public and private enterprises in its member countries. Since the commencement of operations in 1999, the Bank has approved 21 credit facilities for about US$150 million.