BSTDB SUPPORTS THE MODERNISATION OF A GREEK WOOD MANUFACTURER

Press Release | 31-Aug-2005

The Black Sea Trade and Development Bank (BSTDB) will support the modernization program of SHELMAN S.A, the Greek market leader in the production of wood products with a € 15 million corporate loan.

BSTDB financing will allow Shelman to modernize its production facilities located in Komotini (Thrace) and Vassiliko (Evia) as well as to perform research and development activities and to support further expansion of its customer base in the Black Sea region.

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Shelman started operations almost 40 years ago and has rapidly gained a market position in Greece, where it acts as a major supplier of wood products for the construction, furniture and maritime industries. The business strategy of Shelman includes the expansion of the company’s presence and trade in the Black Sea region, especially in Bulgaria, Albania and Romania.

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 are in Thessaloniki, Greece. With an authorised capital of SDR 1 billion (approx. USD 1.5 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. Since the commencement of operations in 1999, BSTDB has approved projects and trade finance operations totaling over USD 645 million. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody’s.