Black Sea bank raises $325 million for regional projects

TIRANA, Sep 22 – The Black Sea Trade and Development Bank (BSTDB), in which Albania is a member, raised $325 million and 20 million Euros through a syndicated loan facility signed last week, that will be used for funding the Bank’s activity in the countries of the Black Sea region.
Despite difficult market conditions, the deal was extremely well received, achieving an impressive oversubscription of 261% over its launch amount and closing at $325 million with participation from 31 banks from across the globe.
“It is the biggest amount we have raised so far”, stated Hayrettin Kaplan, BSTDB President, adding that “we are happy to see the growing support that we receive from the European banking market, for our operations in the Black Sea region, with banks from the Middle and Far East also participating in the syndication”.
Foreign ministers of the bank member countries will meet in unofficial meetings while on the annual session at the Untied Nations in New York.
The meeting will be held within the framework of the 63rd session of UN General Assembly presided over by Foreign Minister Lulzim Basha of Albania, who hold chairmanship of the Organization at present.
BSEC has been founded on 25 June 1992 to develop political and economic relations 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 with its headquarters based 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.