BSTDB Signs a Cooperation Agreement with US EX-IM Bank to Promote Trade in the Black Sea Region
Press Release | 22-Jan-2002
On January 25, 2002 in Washington D.C. BSTDB signed a Memorandum of Cooperation with the Export-Impart Bank of the United States (Ex-Im Bank).Under the agreement, Ex-Im Bank’s short-, medium-, and long-term financing products can be used to support trade in goods and services in all BSTDB member countries. The agreement will enable BSTDB to act as an obligor or guarantor on specific transactions and also provide for a parallel financing arrangement.
Export-Import Bank of the United States (Ex-Im Bank) is an independent US federal government agency that helps finance the U.S. exports, primarily to emerging markets, by providing loans, guarantees and export credit insurance. In fiscal year 2001, Ex-Im Bank authorized financing to support USD 12.5 billion of U.S. exports worldwide.
Trade finance is one of the priority areas of the BSTDB activities. Since its inauguration in 1999, the total amount of credit facilities approved by the BSTDB Board of Directors exceeded USD 150 million. Of this amount, about USD 70 million is earmarked for trade financing. BSTDB has already provided a variety of trade finance products through its financial intermediaries in Azerbaijan, Bulgaria, Georgia, Romania, Russia, and Türkiye.