BSTDB Extends Its Trade Finance Program in Russia to Include MOSNARBANK

Press Release | 09-Dec-2002

The Black Sea Trade and Development Bank (BSTDB) signed a Pre-Export Finance Agreement in the amount of US$ 3 million with MOSNARBANK (Russia), which was selected as a financial intermediary for the BSTDB Trade Finance Program in Russia. The credit line represents the first of many opportunities to cooperate with Mosnarbank.

MOSNARBANK will use the Facility to support Russian exports to the BSTDB member countries and beyond. The tenor of disbursements under the credit line is 360 days. The Facility will enable Russian exporters to have greater access to working capital required to perform under export contracts. In addition, Russian exporters will be able to offer more competitive payment terms to their clients, therefore making Russian exports more competitive.

BSTDB's Trade Finance Program covers Azerbaijan, Bulgaria, Georgia, Romania, Russia and Türkiye. The total value of trade-oriented facilities made available by BSTDB exceeds USD 110 million. Of this amount, BSTDB commitments for trade finance and financial sector operations in Russia account for about 33%. Mosnarbank is the fourth financial intermediary selected by BSTDB in Russia, following Vneshtorgbank, KMB Bank and Probusinessbank.

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 about 50 projects totaling over USD 425 million.