Bulgarian Development Bank has concluded a credit line of EUR 8 million with the Black Sea Trade and Development Bank This credit line is the second one that BDB has concluded with the international financial institution
11.10.2009
Bulgarian Development Bank (BDB) has concluded a new EUR 8 million credit line for financing of Bulgarian small and medium size enterprises granted by he Black Sea Trade and Development Bank (BSTDB). The Credit Line Agreement was officially signed by Mr. Sasho Tchakalski – executive director of BDB, and Mr. Hayrettin Kaplan – the President of the Black Sea Trade and Development Bank.
The loan facility will be used for financing projects for creation, modernization and expansion of the activity of the small and medium size enterprises. The loan facility will be used for working capital, export and pre-export financing of industrial and agricultural enterprises as well. BDB will finance loans to SMEs with 5 year maturity and up to 18 months grace period.
This credit line is the second one that BDB has concluded with the Black Sea Trade and Development Bank with the purpose financing SMEs in Bulgaria. Until now the Bank has successfully utilized more than EUR 13 million from the international financial institution.
„The relations between both banks have an important potential, that we intend to develop during the next year. We have also discussed the next step of our cooperation – BSTDB to extend its activity in Bulgaria with the assistance of BDB”, said Sasho Tchakalski after the signing of the loan agreement.
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 recently increased authorized capital of the Bank is SDR 3 billion (approx. USD 4,85 billion). BSTDB is rated Long Term Baa1 with positive outlook and Short Term P2 by Moody’s.
