Black Sea Trade and Development Bank Joins Forces with Japan Bank for International Cooperation
Press Release | 19-Feb-2024
Partnership to Bolster Ukraine's Reconstruction and Regional Development
In a significant move to boost Ukraine's ongoing recovery and the economic development of the Black Sea region, the Black Sea Trade and Development Bank (BSTDB) and the Japan Bank for International Cooperation (JBIC) have signed a landmark Memorandum of Understanding (MoU) today. This strategic partnership aims to deepen collaboration between the two institutions, enabling them to not only facilitate business that contributes to the reconstruction efforts in Ukraine but also promote structuring projects in the fields of agriculture, food production, transport, and logistics for export, digital infrastructure, and medicine in Ukraine and its neighbors, and projects which contribute towards climate change mitigation, such as renewable energy projects in member countries. A key component of this agreement is JBIC's willingness to deepen the discussion on providing BSTDB a two-step loan of up to USD 150 million, earmarked for the advancement of these critical areas.
Graced by the presence of H.E. Mr. Denys Shmyhal, Prime Minister of Ukraine and H.E. Mr. Fumio Kishida, Prime Minister of Japan, the ceremonial signing of the MoU, held alongside the Japan-Ukraine Conference for the Promotion of Economic Reconstruction, underscores the international community's unwavering commitment to Ukraine's recovery and the region's long-term prosperity.
Dr. Serhat Köksal, President of BSTDB, emphasized the significance of this partnership, stating, "In today's challenging times, collaboration between development finance institutions is paramount to maximizing our impact and driving positive change. This MoU marks a pivotal step in aligning our efforts and addressing critical challenges through concerted action. It signifies a shared vision and a concrete path towards tangible outcomes that will benefit our communities, promote sustainable growth, and enhance the quality of life across our member countries."
This strategic alliance between the BSTDB and JBIC represents a beacon of hope for Ukraine and the wider Black Sea region. By combining their expertise and resources, the two institutions are poised to make a significant contribution to reconstruction, economic development, and a brighter future for the region.
Japan Bank for International Cooperation (JBIC) is a policy-based financial institution of Japan and conducts lending, investment and guarantee operations while complementing the private sector financial institutions. For further information about JBIC: www.jbic.go.jp
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
: @BSTDB
