Key Decisions at the Annual Meeting of the BSTDB Annual Meeting

Key Decisions at the Annual Meeting of the BSTDB Annual Meeting

Press Release | 06-Jul-2023

Acquisition of New Premises and Strategic Partnerships Drive Sustainable Growth in the Black Sea Region

The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) concluded its 25th Annual Meeting, reaffirming its commitment to multilateral cooperation and sustainable growth in the Black Sea region. Chaired by Mr. Ioannis Tsakiris, Governor for the Hellenic Republic, the Meeting marked an important milestone in the Bank's ongoing efforts to address the challenges of uncertainty in the region and create a positive impact.

Amidst the proceedings, the Board of Governors unanimously approved the 2022 Financial Statements. Governors expressed their support to the President and the management team, recognizing their vision, priorities, and BSTDB's crucial role in driving sustainable growth and development within the region.

Looking ahead, the Bank is preparing for the second stage of its capital increase, which will be discussed and finalized at a special meeting of the Board of Governors.

With the participation of the Bank's Observers, namely the Austrian Development Bank (OeEB), the European Bank for Reconstruction (EBRD), the European Investment Bank (EIB), the International Finance Corporation (IFC), and the Nordic Investment Bank (NIB), and the BSEC family institutions, the meeting showcased the strong support and appreciation bestowed upon BSTDB. These entities recognized BSTDB as an indispensable regional financing institution, making a significant positive impact on the countries within the Black Sea region.

A significant decision was made during the meeting, as the Bank's Board of Directors greenlit the acquisition of new permanent premises.

The Meeting was concluded with the signing of a EUR 30 million agreement with the Development Bank of Austria (OeEB). The funds will primarily support environmentally friendly projects in the Black Sea region, with a potential allocation of up to 50% of the funds dedicated to bolstering the private sector in Ukraine. This joint effort between BSTDB and OeEB illustrates the remarkable power of synergy, showcasing how two institutions united by a common purpose can effectively address the most pressing challenges of our time.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution that supports economic development and regional cooperation in its member countries 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 "Baa1" by Moody's. For information on BSTDB, visit www.bstdb.org.

Contact:
Haroula Christodoulou
E-mail: [email protected]
Phone: +30 2310 290533
Twitter: @BSTDB; @Haroulax

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