BSTDB Extends a € 20 Million Loan to a Greek Manufacturing Company

Press Release | 23-Dec-2003

The BSTDB will make available a corporate bond loan of € 20 million to "Yioula Glassworks" (Greece), in the framework of a Bond Loan arranged by Citibank to the leading producer of glass packaging products in Greece and Bulgaria. The maturity of the loan is 6 years and the loan is fully secured.

BSTDB financing will allow "Yioula Glassworks" to enlarge its product range and will contribute to enhancing its competitive position in the domestic market, and will promote regional cooperation via exports to other countries of the Black Sea region. This loan agreement represents the commitment of the BSTDB to developing the manufacturing sector in all BSTDB member countries.

"Yioula Glassworks", a major Greek industrial company, started producing glass containers in 1968 (specializing in the area of food and drinks glassware) and today is the leading producer of glass packaging products in Greece and Bulgaria and is rapidly growing in the Balkans. The company's products are being exported to 80 countries of the Black Sea region and beyond.

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. € 1,2 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 projects and trade finance operations totaling over € 550 million.