BSTDB AND KFW BOOST SUPPORT TO SMEs, ECONOMIC AND SOCIAL INFRASTRUCTURE IN THE BLACK SEA REGION
Press Release | 03-Dec-2019
The Black Sea Trade and Development Bank (BSTDB) and KfW Development Bank (Germany) signed a new credit line in the amount of USD 100 million at the BSTDB headquarters in Thessaloniki. The 8-year Facility provided by KfW will fuel BSTDB’s financing of micro, small and medium-sized enterprises and support economic and social infrastructure projects in BSTDB member countries (excluding Bulgaria, Romania and Russia).
“We appreciate strengthening our strategic cooperation with the KfW Development Bank in the Black Sea region. This is the fifth loan agreement we have signed with KfW for the benefit of our member countries and the second facility that will help us to increase support for growth, development and employment in Greece, thus assisting the ongoing recovery in the Bank’s home country,” said BSTDB President Dmitry Pankin during the signing ceremony.
“BSTDB and KfW share the goal of promoting economic growth and development in the Black Sea region. It is the responsibility of both, multilateral and bilateral development banks, to support the countries to make sure, that despite the challenging economic situation, the needed investments take place. Therefore, we are glad that on the basis of the new credit facility, KfW and BSTDB continue to contribute to the economic development in the Black Sea Region,” said Prof. Dr. Joachim Nagel, Member of Executive Board of KfW Group.
Since 2006, the KfW’s Observer Status with BSTDB has facilitated cooperation between the two development banks in project co-financing, equity participations, and policy discussions aimed at increasing the developmental effectiveness of their operations.
KfW is one of the world´s leading and most experienced promotional banks. Established in 1948 as a public law institution, KfW is owned 80 per cent by the Federal Republic of Germany and 20 per cent by the federal states (“Länder”). KfW Development Bank carries out Financial Cooperation (FC) projects with developing countries on behalf of the German Federal Government. The 706 employees in the Head Office and 390 experts in 69 regional offices cooperate with partners all over the world. The objective is to combat poverty, secure peace, protect the environment and the climate as well as ensure fair globalisation. KfW is a competent and strategic adviser for current development policy issues. www.kfw-entwicklungsbank.de/International-financing/KfW-Entwicklungsbank
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. www.bstdb.org.
Press contacts:
BSTDB - Haroula Christodoulou, tel.+30 2310 290533, cchristodoulou@bstdb.org
KfW - Dr. Charis Pöthig, tel: +49 69 74314683. Charis.Poethig@kfw.de
