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BSTDB Cooperates with the Hellenic Development Bank to Support Greek SMEs in the Aftermath of the Pandemic

Press Release | 18-Jun-2020

Today the Black Sea Trade and Development Bank (BSTDB) and the Hellenic Development Bank (HDB) signed a Memorandum of Cooperation initiating a new financing   program aimed to support small and medium-sized businesses (SMEs) in Greece. The SME sector is among the most affected by the impact of the economic crisis caused by the Covid-19 pandemic. 

The program envisages the provision of up to EUR 100 million by the Greek Government to HDB to mainly issue guarantees and to co-finance BSTDB’s lending to SMEs. By using the HDB guarantees BSTDB will be able to create a multiplying effect for the Greek economy.

 “As a regional development bank, we assign the highest priority to supporting the measures taken by our member countries to respond and to overcome the consequences of the pandemic. In this context, we strive to assist the SME sector recovery and development in our region, including Greece. We believe our nascent cooperation with the Hellenic Development Bank will be instrumental in helping the economic recovery and growth in  our host country. We are looking forward to engage in similar cooperation programs in other member countries.” said Dmitry Pankin, BSTDB President at the signing ceremony held today at the BSTDB premises in Thessaloniki. 

“The Hellenic Development Bank has started its transformation from an administrator of state and EU funds to a modern European development institution under the guidance of the Government. We have already started providing guarantees under the new Covid-19 Guarantee Fund and, with the signing of today’s agreement with the Black Sea Trade and Development Bank, we hope to expand our participation in investment operations showing confidence in the prospects of Greek businesses and SMEs. We will follow best practices of other European development banks, and I am sure that our partnership with BSTDB will expand substantially very soon”, said Athina Chatzipetrou, CEO of the Hellenic Development Bank.

The Hellenic Development Bank SA (HDB) was established in 2002 as the only 100% state backed, non-profit oriented financial institution in Greece. At the supervision of the Bank of Greece, it seeks to harmonize EU regulation and local banking practices for the benefit of the national MSMEs, through the provision of low-cost financing solutions, including loans and guarantees, for business entities with limited access to customary bank financing. 

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.

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