BSTDB Expands Its Trade Finance Programme in Bulgaria to Include Commercial Bank – Bulgaria Invest
Press Release | 01-May-2002
The Black Sea Trade and Development Bank (BSTDB) will extend a revolving credit line in the amount of US$ 1 million to Commercial Bank - Bulgaria Invest A.D. (CBBI), which was selected as a financial intermediary for the BSTDB Trade Finance Programme in Bulgaria.The Pre-Export Finance Facility will be used by CBBI to advance sub-loans to Bulgarian exporters primarily in the small and medium-size sector to finance production and exports to the BSTDB member countries of the Black Sea region and to other countries. It will also enable them to propose deferred payment terms to their counterparts under export contracts. The financing terms of the Facility will not exceed 180 days for each individual transaction. The operation will promote foreign trade in Bulgaria and intra-regional trade links in the Black Sea region at large.
The BSTDB Trade Finance Products are now available in Azerbaijan, Bulgaria, Georgia, Romania, Russia and Türkiye. The total value of trade finance facilities approved by BSTDB in the member countries exceeds USD 130 million. CBBI is the third financial intermediary selected by BSTDB in Bulgaria, following the First Investment Bank and the CB Union Bank.
Commercial Bank - Bulgaria Invest A.D. (CBBI) is a joint-stock company incorporated in Bulgaria, with majority ownership held by Allianz Bulgaria Holding (majority owned by Allianz AG, Germany). CBBI has a head office in Sofia and 22 branches, 5 offices and 16 outlets throughout the country.
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 44 projects and trade finance operations totaling over USD 371 million.