BSTDB President Highlights Bank’s Role in Ukraine's Reconstruction
Press Release | 15-Feb-2024
Pledging Support at Reconstruction Conference in Athens
At a Conference on the Reconstruction of Ukraine hosted by the Ministry of Foreign Affairs of the Hellenic Republic in Athens, the President of the Black Sea Trade and Development Bank (BSTDB), Dr. Serhat Köksal, delivered a comprehensive speech outlining the Bank's pivotal role in supporting Ukraine amid its post-war reconstruction efforts and emphasizing the importance of regional cooperation within the Black Sea Region.
The BSTDB President commended the Greek Ministry of Foreign Affairs for the event's organization and timely discussions. The Bank has disbursed over €8.4 billion in its member states, with more than 10% directed towards Ukraine, especially in recent years to bolster various sectors. Despite the current geopolitical challenges, BSTDB remains committed to Ukraine, preparing new operations and focusing on emergency relief, business sustainability, and export facilitation through alternative routes.
President Köksal stressed the potential for mutual gains in the Black Sea Region through enhanced trade, investment, and financing flows, highlighting Ukraine's critical role in the region's economic reconfiguration. The Bank aims to support not just Ukraine but also neighboring countries, to rebuild regional economic linkages.
Highlighting the need for coordinated efforts among donors to avoid duplication and inconsistencies, the BSTDB President called for the EU and donor countries to provide guarantees to facilitate additional resources for Ukraine's reconstruction.
The speech concluded on a note of urgency for peace and cooperation to foster trust, understanding, and mutual interests among neighboring states, underscoring the broader implications of Ukraine's reconstruction for regional stability and development.
To this end, an additional element which would greatly facilitate mutually beneficial cooperation is for the Bank’s long-standing desire to undertake the EU Pillar Assessment to be provided, and for the Commission to permit this undertaking given the many common objectives BSTDB and the EU share, as well as the very strong support of the common EU and BSTDB Members- Greece, Bulgaria and Romania. It would open the way for substantially closer collaboration and coordination in line with the stated aims and goals of all parties at today’s conference.
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. For more information: www.bstdb.org.
Contact: Haroula Christodoulou
Phone: +30 2310 290533
X: @BSTDB
