BSTDB Cooperates with Turk Eximbank to Support Export Growth
Press Release | 22-Oct-2018
The Black Sea Trade and Development Bank (BSTDB) helps promote Türkiye’s export potential with a two-year €50 million Trade Finance Facility extended to Turk Eximbank, the country’s state export credit agency. The proceeds of the loan will be used to finance Turkish exporting companies, in particular manufacturers of goods and equipment.
“We are very pleased to restart our successful partnership with our longstanding client, Turk Eximbank, with a view to enhancing the competitiveness of Turkish exporters and contributing to the development of regional trade. BSTDB’s financing aims to help implement the Government’s strategic priority to promote export growth”, said Dmitry Pankin, BSTDB President.
Turk Eximbank’s CEO Adnan Yıldırım pointed out that “Following the volatility in the markets in recent months, thanks to the strong ties established years ago with BSTDB, this loan with two year maturity will enable Turkish exporters including SMEs to reach out medium and long-term funds to reinforce their competitiveness.” and added “As Turk Eximbank, we will continue to make significant contributions to net exports and maintain our strong position in the sector in favour of Türkiye’s export-led growth strategy.”
BSTDB started its cooperation with Turk Eximbank in 2000 and during the subsequent decade disbursed over USD 400 million for pre-export finance facilities.
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Turk Eximbank was established in 1987 as Türkiye’s official export credit agency and began to implement its programs at the beginning of 1988. The Bank is entirely state-owned and is subject to government control. The Bank has been mandated to support foreign trade and Turkish investors operating overseas. Since its establishment, the bank Bas implemented international credit, guarantee, and credit insurance programs aimed at developing economic and political ties between Türkiye and other 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 are 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 authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org