BSTDB lends support to SMES

The Black Sea Trade and Development Bank (BSTDB) has announced a series of loan facilities aimed at supporting small and medium-sized companies in the Black Sea region.

The bank has provided a five-year US$25mn loan to Bank Zenit in Russia, which will help support a greater volume of medium-term financing to Russian SMEs. It has also lent a three-year US$10mn SME loan to Procredit Bank in Georgia. The borrower has already established a strong credit history with the bank, having previously secured loans of US$5mn and US$6mn to support its SME clients.

Unibank, one of the largest private banks in Azerbaijan has also secured a US$5mn loan from the development bank. This loan carries a five-year tenor, and will be used to support SMEs with expansion plans, as well as for export and pre-export financing of industrial or agricultural businesses.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution set up by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. It has an authorized capital of approximately US$4.5bn.