BSTDB APPROVES A LOAN TO AVIN INTERNATIONAL S.A. (GREECE). UKRAINE WILL BENEFIT FROM THE PROJECT
Press Release | 15-Apr-2000
The BSTDB Board of Directors at its meeting on April 14, 2000 in Athens approved a US$ 10 million loan to Vardinoyannis-Avin International group (Greece) for a project involving construction of an oil/product tanker vessel by the State Joint Stock Holding Company 'Black Sea Shipbuilding Yard' at Nikolaev, Ukraine.
The transaction has a maturity of 2 years. It is a private sector financing and does not involve any sovereign guarantee.
The project represents a part of a long-term shipbuilding programme between the Greek group and the Ukrainian shipyard, and would contribute to the continuous modernization of the fleet of the sponsor, the Vardinoyannis-Avin International group. For the Ukrainian shipyard the programme will enable a higher utilization of its vast, only partially utilized capacity and will also contribute to the improvement of its operational standards as a result of the closer co-operation with an advanced and efficient international shipping group. Finally, the programme will have a positive effect on the employment in a region heavily affected by high-skill unemployment.
Avin Internationalis a part of the Vardinoyannis Group which is one of the major business concerns in Greece. The Vardinoyannis Group started shipping operations about 40 years ago. Today its interests range from oil production and refining and shipping to banking, real estate, media, hotels, and sports. The Group owns jointly with Saudi Aramco, the country's largest oil refinery Motor Oil Hellas.
BSTDBwas established as an international financial institution in 1998 by eleven countries of the greater Black Sea region - Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The purpose of the Bank is to promote cooperation among its member states and accelerate their economic development, providing funds to public and private enterprises for financing of projects and trade transactions. The BSTDB authorized capital is SDR 1 billion (about USD 1.35 billion). The headquarters of the Bank is located in Thessaloniki, Greece. BSTDB commenced operations in June 1999 and has already launched a number of projects in the energy sector and SME support, benefiting Russia, Türkiye, Ukraine, Moldova, Romania, and Bulgaria.