BSTDB Loan in Ukraine to Support Tourism Recovery
Press Release | 23-Dec-2022
Financing to help client in the current unprecedented circumstances
The Black Sea Trade and Development Bank (BSTDB) is providing a loan of up to EUR 8 million for the completion of construction of a high-quality four-star hotel in Lviv’s historic center. The project’s investor is Tsentr Rozvytku Nerukhomosti, a special-purpose vehicle (SPV), part of the Construction Holding of the Concern Galnaftogaz, a BSTDB long-standing partner. The hotel will be operated by Hotel Development Group LLC, under the Novotel brand name.
The BSTDB funds will secure long-term financing for the successful and timely commencing of the hotel’s operations, run by a company which demonstrated great resilience and adequate operational performance in 2022.
The project will have a positive development impact on Lviv’s tourism, create new jobs, improve urban landscape and access to the city’s historic heritage
Dr. Serhat Köksal, BSTDB President, noted: “The agreement signed today demonstrates BSTDB’s confidence in Ukrainian economy. We remain committed to providing long-term financing to domestic investors, especially at these unprecedented challenges and averse economic situation in the country. We stand by our existing client and join hands with them to support the revival of the Ukrainian economy and the development of its infrastructure. Supporting the private sector is vital to protect the country’s long-term economic capacity.”
Tsentr Rozvytku Nerukhomosti Ltd., a special-purpose vehicle (SPV), established for the project’s implementation, is part of the Construction holding of the Concern Galnaſtogaz, which also includes the Limited Liability Company "Housing and Construction Company "Vash Dim“ and Limited Liability Company "Technopark LZTA“.
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 “Baa1” by Moody’s. For information on BSTDB, visit www.bstdb.org.
