Monday, June 25 2012 14:53

BSTDB and Austrian Development Bank cooperate to increase financing for the Black Sea Region


ArmInfo. The Black Sea Trade and Development Bank (BSTDB) and the Austrian Development Bank (OeEB) have concluded a loan agreement for the financing of projects of mutual interest in the Black Sea region.

The press service of the BSTDB reports that OeEB will make available a Euro 30 million loan to BSTDB for a term of 7 years. The facility will be used by BSTDB to finance private sector projects in member countries.

The loan agreement advances further the close institutional and business cooperation development between BSTDB and OeEB, which has Observer Status with BSTDB since 2008.

BSTDB administers a technical assistance fund provided by OeEB to finance consultancy services for the project preparation and professional training in the BSTDB member countries.

Oesterreichische Entwicklungsbank AD (OeEB) is a whole-owned subsidiary of Oesterreichische Kontrollbank (OeKB), the Export Credit Agency of Austria. OeEB is a private finance institution mandated by the Austrian Government to act as the Development Bank of Austria. It is financing private-sector projects in developing countries that have a sustainable impact on the regional economic development.

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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