EIB and Black Sea Trade and Development Bank launch EUR 100 million financing programme for companies across Greece, Romania and Bulgaria
Press Release | 27-Sep-2019
- First EIB and Black Sea Trade and Development Bank (BSTDB) joint facility
- Scheme to accelerate agri-business, manufacturing, transport and renewable investment
- SMEs and Mid Caps to benefit from long-term loans and attractive rates
EIB and BSTDB will jointly provide over EUR 100 million for new investment by small and medium-sized companies (SMEs) and medium capitalisation companies (Mid Caps) across Greece, Romania and Bulgaria through a new private sector financing initiative launched in Athens today.
The financing programme, funded 50/50 by EIB and BSTDB, will focus on supporting growth by agri-business, manufacturing, transport and renewable energy companies and marks the first business partnership between the two development banks. To launch the programme, EIB provided a 12-year EUR 50 million loan to BSTDB, which will manage the whole programme and extend loans to companies in Greece, Romania and Bulgaria.
“New investment and access to finance is essential to enable companies to expand, innovate and create jobs. The European Investment Bank has a proven track record of helping companies across Greece, Romania and Bulgaria to grow to reach their full potential in cooperation with leading locally active financial partners. Today’s historic EUR 100 million agreement marks the first cooperation between the European Investment Bank and Black Sea Trade and Development Bank and we look forward to strengthening support for private sector growth across the region together in the years ahead,” said Andrew McDowell, European Investment Bank Vice President.
“For the last 20 years the Black Sea Trade and Development Bank has helped to foster economic growth and enhance opportunities across the Black Sea region. Today’s agreement with our trusted partner, EIB, marks a new chapter with significant benefits for our member countries. Our shared understanding of private sector priorities will strengthen the development impact of the new financing programme,” said Dmitry Pankin, President of Black Sea Trade and Development Bank.
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
The Black Sea Trade and Development Bank (BSTDB) is, an international financial institution with headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. BSTDB started operations in June 1999 and has authorized capital of €3.45 billion. The Bank supports economic development and regional cooperation in the Black Sea Region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in the member countries.
Press contacts:
Richard Willis, r.willis@eib.org, Tel.: +352 4379 82155, +352 621 555 758
Website: www.eib.org/press - Press Office: +352 4379 21000 – press@eib.org
Haroula Christodoulou, cchristodoulou@bstdb.org; Tel: +30 2310 290533, +30 6974 995 601
Website: www.bstdb.org
