BSTDB Raises Financing for Projects in the Black Sea Region

Press Release | 24-Sep-2004

Black Sea Trade and Development Bank (BSTDB) and Nordic Investment Bank (NIB) have agreed to co-operate in the financing of projects of mutual interest in the Black Sea region. For this purpose, NIB will make available a Euro 15 million loan to BSTDB for the term of 9 years. The loan agreement between the banks was signed on September 24, 2004 in Thessaloniki, Greece.

The financing provided under the loan agreement, will be allocated to agreed projects in the public or private sector of the BSTDB member countries, with priority given to projects involving transfer or exchange of know-how, technology, goods and services from the NIB member countries.

Nordic Investment Bank is an international financial institution established by Nordic countries of Denmark, Finland, Iceland, Norway and Sweden. Head office of the bank is in Helsinki, Finland. The authorised capital of the bank is Euro 4 billion. NIB offers long-term loans on commercial terms to businesses and organisations in the private and public sectors within and outside the Nordic area.

Black Sea Trade and Development Bank is an international financial institution established by Albania, Armenia, Azerbaijan, Ukraine, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. The authorised capital of the Bank is SDR 1 billion (approx. Euro 1,2 billion). The Bank supports economic development and regional cooperation by providing financing for projects and trade transactions to public and private enterprises in its shareholder countries.