Source: Black Sea Trade and Development Bank
Press Release | 17-Dec-2020
The Black Sea Trade and Development Bank (BSTDB) provided a new EUR 50 million Trade Finance facility to Türk Eximbank, the country’s state export credit agency. The two-year facility will be used by Türk Eximbank for on-lending to Turkish exporting companies doing business with BSTDB member countries and beyond.
The operation will assist growth and employment in Turkey and contribute to regional cooperation, given that almost 10% of Turkish exports go to BSTDB member countries and Turkish contractors have a strong presence in the Black Sea region.
Dmitry Pankin, BSTDB President said: “Promoting and facilitating intra-regional trade is a prime goal for BSTDB, especially at a time of global reduction in the supply of trade finance. Türk Eximbank is our long-time major partner, and we are happy to joint forces again to help Turkish exporters to overcome supply chain challenges and recover trade links disrupted by the COVID-19 pandemic.”
Ali Güney, Turk Eximbank General Manager also said: “Successful completion of this transaction is the result of the strong relations between our institutions, despite the challenging economic environment resulted from the global COVID-19 pandemic. This facility will be a valuable asset to support our common goal of promoting trade finance.”
BSTDB and Türk Eximbank have been cooperating since 2000. Most recently, BSTDB extended a EUR 50 million Trade Finance Facility to Türk Eximbank in 2018, which was fully repaid in late October 2020.
Türk Eximbank was established in 1987 as Turkey’s official export credit agency and began to implement its programs at the beginning of 1988. The Bank is entirely state-owned and is subject to government control. The Bank has been mandated to support foreign trade and Turkish investors operating overseas. Since its establishment, the bank Bas implemented international credit, guarantee, and credit insurance programs aimed at developing economic and political ties between Turkey and other countries. The Bank has an asset size of over USD 27.2 billion as of November 2020.
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 are 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 authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.