The Black Sea Trade & Development Bank (BSTDB) is to provide a US$10mn corporate loan to Pinar St (Izmir), a leading Turkish dairy products company.
The proceeds of the loan will be used to finance the capital expenditure and working capital needs of Pinar St for its new plant in Eskisehir (Turkey).
“The Black Sea Bank supports the manufacturing sector as a priority area in all its member countries. We hope that this loan agreement with Pinar St, a leading Turkish company with regional ambitions will lead to our long-term cooperation,” states Mustafa Grtin, president of the BSTDB. “This financing will allow us to further increase our productivity and the variety of our product range. We also expect to increase our exports to countries of the Black Sea region,” adds Hasan Denizkurdu, CEO of Yasar Holding, mother company of Pinar St.
Including the loan to Pinar St, BSTDB’s approved investments in Turkey total more than US$150mn. Over 85% of the bank’s portfolio is directed towards the private sector, including manufacturing, financial services and SME development.
Situated in Izmir, Pinar St is the flagship company of Yasar Group (Food Division). Since its foundation in 1975, the company has evolved from a family business to a major market player in Turkey, Middle East and the Black Sea region. Yasar Group has a multinational orientation with exports to 26 countries, including Russia, Romania, Bulgaria, Georgia and Azerbaijan.
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. BSTDB is headquartered in Thessaloniki in Greece. With an authorised capital of SDR1bn (US$1.4bn), the bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects supporting both public and private enterprises in its member countries. Since the commencement of operations in 1999, the BSTDB has signed projects and trade finance operations totaling over US$450mn.