Special funds for technical assistance
BSTDB, in accordance with its mandate, aims to play a catalytic role in the greater Black Sea region for both public and private sector operations consistent with its dual mandate.
The purpose of Special Funds is to:
- Increase the impact of Donor activities
- Provide alternative route for raising funds - diversify obligations exposure
- Harmonize procedures and consistency of approach
- Establish working relationships with entities interested in BSEC
- Offer opportunity to innovate - pilot projects, complex ventures, experiments with lengthier time horizons, etc.
Special Funds currently administered by BSTDB are:
- A Technical Cooperation Special Fund funded by the government of the Hellenic Republic in the amount of EUR 800,000 and administered by BSTDB, was established in 2001.
In addition to the above, as of 2017 the BSTDB benefits from the Black Sea Project Promotion Facility (BSPPF) funded by the Government of the Russian Federation in the amount of USD 1,000,000, half of which is available for BSTDB uses and half for use by the Permanent International Secretariat of the Black Sea Economic Cooperation (BSEC PERMIS). The Facility is administered by BSEC PERMIS acting through an independent Manager and is supervised by a Steering Committee comprised of the Donor, BSTDB, and BSEC PERMIS representatives. 50% of the Facility is tied to the use of consultants and service providers from the Russian Federation as currently the only donor country of the Facility.
The Hellenic Fund
Eligible beneficiaries are private sector entities in BSTDB Member States.
The eligible uses include:
- Upgrade feasibility studies
- Accounts conversion to IAS
- Business Plan assistance
- Focused TA for sensitivity analysis
- 75% tied to use of Greek firms / consultants.
The Black Sea Project Promotion Facility
Eligible uses under the BSTDB part of the Facility include technical assistance assignments to assist in the development of bankable projects by potential recipients of BSTDB financing in the areas of:
- Preparation of pre-feasibility and feasibility studies
- Preparation, finalization, or reformatting of business plans
- Preparation of financial accounts
- Legal, technical, and environmental due diligence
For eligible uses under the BSEC PERMIS part of the Facility, please refer to: http://www.bsec-organization.org/Pages/black-sea-project-promotion-facility.aspx
The Terms and Conditions for each Fund are determined in the legal agreements between the donor and BSTDB.