Monday, June 25 2012 14:08
BSTDB contributes to the restructuring of loan to Natfood Armenia
ArmInfo. The Black Sea Trade and Development Bank (BSTDB) has restructured its USD 7 million loan to JSC Natfood signed in April 2008 and committed to provide additional working capital facility to the company in the amount of up to USD 1.4 million.
The press service of the BSTDB reports that problems and delays in execution of the project did not allow Natfood to start timely repayments of the BSTDB loan. The restructuring would allow the company to complete installing its meat processing lines and to start the production process. The restructured facility also involves the European Bank for reconstruction and Development and VTB-Armenia.
"BSTDB continues to support businesses that are essential for Armenia's sustainable growth. The bank believes that the agreed loan restructuring and additional financing will enable Natfood to successfully complete the project. We are glad that our joint efforts with the company supported by EBRD and VTB-Armenia helped to find a solution which we believe will bring positive results," said Andrey Kondakov, BSTDB President, at the singing ceremony.
"With this financing, BSTDB has demonstrated its support for Armenian business, even in a difficult situation. BSTDB, along with EBRD and VTB-Armenia, is helping Natfood to go through difficult times, and we are sure all problems will be resolved and the banks made good investment in our business," said Henrik Zakharyants, Natfood majority shareholder.
Natfood is a private meat-processing company, partially owned by EBRD and Henrik Zakharyants, prominent Armenian businessman, with experience in food processing business and trade.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is 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 SDR 3 billion (appx. EUR 3.3 billion). BSTDB is rated long-term A by Standard and Poor's and A3 by Moody's.
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