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Who we are

The Black Sea Trade and Development Bank (BSTDB), an international financial institution with headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. BSTDB started operations in June 1999 and has authorized capital of €3.45 billion. The Bank supports economic development and regional cooperation in the Black Sea Region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in the member countries. BSTDB is rated BBB+/Watch Neg/A-2 by Standard & Poor’s, and Baa2/P-3/Negative by Moody's.

  • Regional Focus

    Supporting investors and companies in the 11 member countries

  • Financial Products

    Mainly mid-term to long-term loans, equity investments and guarantees

  • Capital Base

    Increased by governors to EUR 2.45 billion in Dec 2007- exclusively dedicated to the countries of the Black Sea Region

  • Special Programs

    To support SMEs and trade financing (mostly via local financial intermediaries)

  • Credit Rating

    BSTDB is rated BBB+/Watch Neg/A-2 by Standard & Poor’s, and Baa2/P-3/Negative by Moody's.

  • Flexibility

    Combining resources of a developmental bank with the flexibility of a commercial institution

Key Events & Facts

  • 2023

    • Sep

      S&P Downgraded BSTDB To 'BBB+/A-2' On Halting Capital Replenishment

    • Oct

      Moody's downgraded BSTDB's ratings to Baa2, maintains negative outlook

  • 2022

    • March

      Moody's and S&P downgrade BSTDB's ratings to Baa1/P-2 and A-/A-2, respectively, amid war in Ukraine

  • 2021

    • November

      BSTDB credit rating upgraded to A by Standard & Poor’s

    • October

      BSTDB shareholders decide to increase subscribed capital from EUR 2.29 billion to EUR 3.10 billion

    • June

      BSTDB adopts Long-Term Strategy 2021-2030 targeting 7% annual growth

    • March

      BSTDB approves Climate Change Strategy aimed at enhanced climate financing

  • 2020

    • July

      BSTDB switch tender and tap of 3.5% notes due June 2024

  • 2019

    • February

      BSTDB adopts ambitious Strategy and Business Plan for 2019-2022

    • March

      BSTDB receives a rating outlook upgrade from S&P to A- Positive

    • June

      BSTDB issues a USD 400 million bond to support portfolio growth

    • August

      BSTDB becomes the first IFI to issue a local currency bond in Azerbaijan

  • 2018

    • February

      BSTDB signs memorandum of cooperation with the Eurasian Development Bank

    • July

      BSTDB signs cooperation agreement with the OPEC Fund for International Development

  • 2017

    • June

      BSTDB grants Observer Status to the Asian Development Bank (ADB)

    • December

      BSTDB Joins Global Enhanced Climate Action

  • 2016

    • June

      BSTDB grants Observer Status to the Islamic Corporation for the Development of the Private Sector (ICD)

    • April

      Inaugural Benchmark USD 500 Million Bond Issue

  • 2015

    • May

      CHF 100 million 4.5 year bond issue

    • May

      BSTDB established a EUR 1 billion Euro Medium Term Note programme

  • 2014

    • February

      BSTDB credit rating upgraded to A2 by Moody's

  • 2012

    • September

      BSTDB issues CHF 200 million bond

  • 2011

    • June

      BSTDB receives issuer credit ratings from Standard & Poor’s: “A” long term and “A-1” short term; outlook stable

    • June

      BSTDB grants Observer Status to the European Bank for Reconstruction and Development (EBRD)

  • 2010

    • September

      BSTDB credit rating upgraded to A3 by Moody's

    • June

      BSTDB grants Observer Status to the International Finance Corporation (IFC) and the French Development Finance Institution (PROPARCO)

  • 2009

    • May

      First bond issue

  • 2008

    • October

      BSTDB grants Observer Status to the Nordic Investment Bank

    • October

      Technical Cooperation Special Fund established with the Development Bank of Austria

    • October

      Additional BSTDB shares worth SDR 1 billion (appx. USD 1,5 billion) fully subscribed and allocated by existing shareholders

    • June

      BSTDB grants Observer Status to the European Investment Bank, Development Bank of Austria and the Association of European Development Finance Institutions

  • 2007

    • December

      Shareholders decide to increase the authorised capital of the Bank from SDR 1 billion to SDR 3 billion (approx. USD 4,8 billion)

  • 2006

    • October

      BSTDB credit rating upgraded to Baa1 by Moody's

    • May

      BSTDB grants observer status to KfW Banking Group (Germany)

  • 2004

    • March

      The Bank obtains from Moody’s Investors Service initial investment grade ratings of long term Baa2 and short term rating of P2

    • May

      First syndicated borrowing from international commercial banks

  • 2000

    • March

      Treasury Operations

    • May

      Observer Status World Bank

  • 1999

    • June

      Start of Operations

    • December

      First Project Signed

  • 1998

    • February

      Inaugural Meeting

  • 1997

    • January

      BSTDB Agreement

  • 1992

    • June

      BSEC Established