BSTDB EXPANDS ITS TRADE FINANCE PROGRAM IN AZERBAIJAN
Press Release | 30-Nov-2005
The Black Sea Trade & Development Bank will extend a USD 3 million revolving trade finance credit line to Unibank CB (Azerbaijan). The credit line will be used to finance sub-loans with a tenor up to one year extended by Unibank CB to exporting and importing companies in Azerbaijan.
Unibank is the first private commercial bank selected by BSTDB as financial intermediary in Azerbaijan. Besides, BSTDB continues its cooperation with the International Bank of Azerbaijan, which started implementing BSTDB’s trade finance program in 2002. The operations financed through International Bank of Azerbaijan under BSTDB trade finance program reached to USD 8.5 million.
Apart from the trade financing, BSTDB provides project finance facilities and supports small business development through Mircofinance Bank of Azerbaijan. The total amount of financing provided by BSTDB to Azerbaijan amounts over USD 20 million.
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UniBank is one of the largest private banks in Azerbaijan; the bank was established as a result of the merger of two private local banks and has been presented in the market for more than 13 years. UniBank occupies the leading positions in the key banking areas as well as in terms of its growth rate. EBRD is a shareholder in Unibank, and a shareholding agreement has been also signed with DEG of Germany. The bank co-operates actively with international finance institutions , with the aggregate amount of credit facilities received from IFIs being about $20 mln. In 2005, UniBank was declared the Bank of the Year in Azerbaijan by “The Banker” magazine, and the Best Bank in Azerbaijan by the Euromoney magazine.
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. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB has an active portfolio of 66 operations to the total amount of USD 740 million. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody’s.