BSTDB Expands its Trade Finance Program in Azerbaijan

Press Release | 15-Jan-2003

BSTDB has increased the amount of Multiple Buyer Credit Facility provided to International Bank of Azerbaijan (IBA) in January 2002 by USD 2.5 million, bringing the total amount of the credit line to USD 6.5 million.

The initial credit line of USD 4 million was fully used by IBA to finance the purchase of railroad cars from Ukraine. The new financing will be used for purchase of electrical equipment for the city of Baku and other goods from countries of the Black Sea Region.

By financing intra-regional trade through the Multiple Buyer Credit Facility, BSTDB supports importers in Azerbaijan as well as exporters in other BSTDB Member Countries and promotes economic development and cooperation in the Black Sea Region.

International Bank of Azerbaijan (IBA) is the largest bank in the country, accounting for about 75% of the market for banking services, and for more than 50% of deposits in Azerbaijan. IBA offers full range of services related to foreign trade and has broad and well-established relations with all major Azerbaijani trading companies.

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. With an authorized capital of SDR 1 billion (approx. USD 1,3 billion), the Bank supports economic development and regional cooperation by providing financing for investment projects and trade transactions in public and private sectors in its member countries. Since the commencement of operations in 1999, BSTDB's Board of Directors has approved about 50 operations totaling over USD 430 million.