BSTDB Raises Financing for Operations in the Black Sea Region
Press Release | 05-Oct-2009
The Black Sea Trade and Development Bank (BSTDB) and the Nordic Investment Bank (NIB) have concluded a loan agreement for the financing of projects of mutual interest in the Black Sea region. For this purpose, NIB will make available a Euro 30 million loan to BSTDB for the term of 9 years.
The financing provided under the loan agreement, will be allocated to mutually agreed projects in the BSTDB member countries with priority given to projects promoting environmental improvements and sustainability.
“I am happy to see that despite the distance between the Baltic sea and the Black sea that separates us, we have managed to establish very close institutional relations and maintain contacts at all levels. The NIB Observer status with BSTDB created even more favourable framework for our cooperation” stated Hayrettin Kaplan, BSTDB President at the signing of the agreement.
“NIB attaches great importance on its cooperation with other international financial institutions (IFI). Our loan to the BSTDB is a good example of this. Such contracts enable us to be active in areas where our capacity would otherwise be limited”, said the Nordic Investment Bank’s President and CEO, Johnny Åkerholm.
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The Nordic Investment Bank (NIB) provides long-term financing to projects within energy; the environment; transport, logistics and communications; and innovation that strengthen competitiveness and enhance the environment. NIB is the common international financial institution of the eight Nordic and Baltic countries. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
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. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The recently increased authorized capital of the Bank is SDR 3 billion (approx. USD 4,85 billion). BSTDB is