The Black Sea Trade and Development Bank (BSTDB) will make available a corporate loan of up to €9mn to Vestel White, a leading Turkish manufacturer of household electric appliances. The loan proceeds will be used to finance the capital expenditure programme of the company related to expanding the production of refrigerators and launching a new facility to produce washing machines. The maturity of the loan is six years.
BSTDB financing will allow Vestel White to enlarge the product range and will contribute to enhancing its competitive position in the domestic market as well as to increasing exports revenues and promote regional cooperation via exports.
Vestel White is one of the major Turkish manufacturers of “white goods”, set up to produce all types of household electric appliances. The company is export-oriented, with export sales share exceeding 70% of total sales volume in 2002. The company’s products are being exported to 80 countries of the <
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. 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, BSTDB’s board of directors has approved projects and trade finance operations totaling over US$500mn.