BSTDB Increases Support to Agribusiness in Moldova
Press Release | 01-Oct-2019
The Black Sea Trade and Development Bank (BSTDB) will contribute USD 20 million to a Pre-Export Finance Facility to Trans-Oil Group, a leading agricultural commodities trader and sunflower oil producer in Moldova.
The Facility will support the Group’s trading of crops in 2019, including its seasonal working capital needs associated with origination, primary processing, storage and transportation of agricultural commodities sourced in Moldova and their subsequent export to other countries. As of this year, Trans-Oil is increasing the production of healthier, high value-added products, such as organic and high oleic sunflower oils.
The BSTDB financing is part of a USD 150 million syndicated loan arranged and managed by ING Bank, which also involves UniCredit Bank Austria, the European Bank for Reconstruction and Development, the Dutch Development Bank FMO and Mobiasbanca – OTP Group, OTP Bank, FIMBank and Banque Cantonale Vaudoise.
The agricultural sector in Moldova accounts for around 15% of gross value added and employs around one third of the working age population. Trans-Oil works with more than 400 farms all around the country thus its performance is essential not only for the livelihood of the Group’s over 1,700 workers, but indirectly to another 6-7 thousand people in Moldova.
BSTDB has been developing a successful cooperation with Trans-Oil since 2014. In 2017, BSTDB provided USD 30 million to the Group under a similar pre-export finance facility.
Trans-Oil Group started its grain and agro trading activities in the Black Sea region in 1996, when the company’s founders launched agro business activities in the Republic of Moldova and Ukraine.
Trans-Oil is a market leader in the origination and trading of grains and oilseeds in the Black Sea region. The company has developed into a group with an impressive global network of clients, specifically focusing in regions of Europe, Southern Mediterranean, Türkiye, and North/West Africa.
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
Twitter: @BSTDB
