Black Sea Business Day: BSTDB Signs Memorandum of Understanding with the European Commission to Promote Co-financing in Bulgaria, Romania and Türkiye
Press Release | 02-Jun-2003
Hellenic EU Presidency Represented at the Signature Ceremony
The Black Sea Trade and Development Bank (BSTDB) has signed a Memorandum of Understanding (MoU) with the European Commission that will enable the Bank to cooperate with the European Commission and seven other International Financial Institutions (IFIs) in supporting the transition and catching up process of the EU accession countries, including Bulgaria, Romania and Türkiye which are BSTDB Member States. The signature of the MoU took place in the framework of the BSTDB Annual Meeting & Black Sea Business Day. H.E Mr. Yannis Magriotis, Deputy Minister of Foreign Affairs of Greece, represented the Hellenic EU Presidency at the signature ceremony.
Through this Memorandum, BSTDB will be able to cooperate with the European Commission and other IFIs in identifying suitable projects to co-finance in Bulgaria, Romania and Türkiye. EC assistance initiatives combined with IFI financing will target in particular the SME sector, environmental protection, infrastructure development, agriculture, rural and regional development, as well as cross-border cooperation with neighboring countries.
The other IFIs that have signed this MoU alongside BSTDB are EIB, EBRD, IBRD and IFC of the World Bank Group, Nordic Investment Bank, Nordic Environment Finance Corporation, and Council of Europe Development Bank.
The 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 1.5 billion, EUR 1.25 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 65 development projects, many of which have been co-financed with other International Financial Institutions.