BSTDB INCREASES FINANCING TO MICRO AND SMEs IN UKRAINE

Press Release | 11-May-2006

The Black Sea Trade and Development Bank (BSTDB) will make available the second medium-term micro and SME loan facility for USD 12.5 million to Procredit Bank Ukraine (PBU).The facility, which carries a tenor of 3 years, intends to finance sub-loans offered by Procredit Ukraine to micro, small and medium-sized enterprises in Ukraine. This new facility comes in addition to previous credit lines extended by BSTDB to PBU in 2003 and 2004 at the total amount of USD 7.5 million.

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Founded in early 2001, Procredit Bank Ukraine forms part of a global Procredit group of 19 banks set up by EBRD, IFC, KfW (Germany) and other private and public sector investors to provide financing to micro and SME customers in developing countries.

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 is assigned investment grade rating of Baa2 by Moody’s.