BSTDB Extends a USD 10 Million Loan to a Major Turkish Company
Press Release | 17-Jun-2004
BSTDB will provide a USD 10 million corporate loan to Pinar Süt A.S. (Izmir), a leading Turkish dairy products company.
The proceeds of the loan will be utilized to finance the ongoing capital expenditure and working capital needs of Pinar Süt for its new plant in Eskisehir (Türkiye).
"The Black Sea Bank supports the manufacturing sector as a priority area in all its member countries. We hope that this loan agreement with Pinar Süt, a leading Turkish company with regional ambitions will lead to our long-term cooperation", stated Mr. Mustafa Gürtin, President of the Black Sea Trade and Development Bank, at the signing ceremony of the loan agreement. "This financing will allow us to further increase our productivity and the variety of our product range. We also expect to increase our exports to countries of the Black Sea region", Mr. Hasan Denizkurdu, CEO of Yasar Holding, mother company of Pinar Süt.
Including the loan to Pinar Süt, BSTDB's approved investments in Türkiye total more than USD 150 million. Over 85% of the Bank's portfolio is directed towards the private sector, including manufacturing, financial services and SME development.
Situated in Izmir, Pinar Süt A.S. is the flagship company of Yasar Group (Food Division). Since its foundation in 1975, the company has evolved from a family business to a major market player in Türkiye, Middle East and the Black Sea region. Yasar Group has a multinational orientation with exports to 26 countries, including Russia, Romania, Bulgaria, Georgia and Azerbaijan.
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. BSTDB is headquartered in Thessaloniki (Greece). With an authorized capital of SDR 1 billion (approx. USD 1,4 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, the BSTDB has signed projects and trade finance operations totaling over USD 450 million.