BSTDB and OeEB Forge Synergy for Green Projects and Ukrainian Private Sector Support
Press Release | 06-Jul-2023
Catalyzing sustainable economic growth and environmental stewardship through enhanced partnership
The Black Sea Trade and Development Bank (BSTDB) and the Development Bank of Austria (OeEB) signed a new credit line of EUR 30 million. The funds will primarily be allocated for green projects in the Black Sea region and may allocate up to 50% of the facility for support of the private sector in Ukraine.
This enhanced partnership between BSTDB and OeEB showcases the true power of synergy, as two institutions united in purpose work together to address the most pressing challenges of our time. The earmarking of up to 50% of the facility for Ukraine underscores the importance of investing in the country's recovery efforts following the most pressing challenges of our time. By channelling these resources, BSTDB and OeEB aim to accelerate Ukraine's path to stability, economic prosperity, and sustainable development.
"We are delighted to announce this new partnership with the Development Bank of Austria. This EUR 30 million facility represents a significant milestone in our shared commitment to driving sustainable development in the Black Sea region. The funds will empower us to promoting cleaner and more environmentally friendly sources of energy. Additionally, we are excited about the opportunity to allocate a substantial portion of the facility to support the private sector in Ukraine, thus contributing to the country's recovery efforts. We extend our sincere appreciation to OeEB for their confidence in BSTDB and their commitment to making a lasting positive impact in the Black Sea region.", said Dr. Serhat Köksal, BSTDB President.
“The further cooperation with the Black Sea Trade & Development Bank is of highest importance to OeEB, as this successful partnership helps us extending our reach in the Black Sea region, focusing on sustainable energy projects”, says Sabine Gaber, Member of the Executive Board of OeEB. “With the credit line, we also want to show our support for Ukraine, providing up to 50% of the funds for the country’s recovery through sustainable projects that meet international ESG standards”, adds Michael Wancata, Member of the Executive Board of OeEB.
The loan agreement was signed in the fringes of the BSTDB Annual Meeting of the Board of Governors, held under the Chairmanship of the Hellenic Republic.
The Development Bank of Austria (OeEB) was founded in March 2008. As a provider of long-term finance, OeEB promotes sustainable development projects in developing countries and emerging markets. The bank supports companies and projects that contribute to sustainable economic growth, environmental and social development, and poverty reduction. For more information, please visit www.oe-eb.at.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution that supports economic development and regional cooperation in its member countries 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.
Contact:
Haroula Christodoulou
E-mail: cchristodoulou@bstdb.org
Phone: +30 2310 290533
Twitter: @BSTDB; @Haroulax
