BSTDB Expands Its Trade Finance Programme in Russia to Include Probusinessbank
Press Release | 03-Apr-2002
The Black Sea Trade and Development Bank (BSTDB) will extend a revolving credit line in the amount of US$ 3.5 million to Probusinessbank (Russia), which was selected as a financial intermediary for the BSTDB Trade Finance Programme in Russia. The credit line will include Pre-Export Finance and Multiple Buyer Credit facilities.Probusinessbank will use the Facilities to provide financing to Russian exporting and importing companies doing business primarily with the countries of the Black Sea region. In addition to receiving pre-export financing, Russian exporters will be able to offer attractive deferred payment terms to their buyers, which will increase their competitiveness. The maximum tenor of each transaction under the Facilities will not exceed 180 days, enabling Probusinessbank to finance up to USD 7 million of export/import transactions a year. The operation will promote foreign trade in the Russian Federation and intra-regional trade links in the Black Sea region at large.
BSTDB's Trade Finance Programme covers Azerbaijan, Bulgaria, Georgia, Romania, Russia and Türkiye. The total value of trade-oriented facilities made available by BSTDB exceeds USD 100 million. Of this amount, BSTDB commitments for trade finance and financial sector operations in Russia account for about 25%. Probusinessbank is the third financial intermediary selected by BSTDB in Russia, following Vneshtorgbank and KMB Bank.
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 is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,3 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects supporting both public and private enterprises in its Member Countries. Since the commencement of operations in 1999, BSTDB's Board of Directors has approved 39 projects totaling over USD 300 million. The total value of projects with BSTDB's participation amounts to over USD 600 million.