The FINANCIAL — The Black Sea Trade and Development Bank (BSTDB) will provide EUR 50 million long-term loan to the Development and Investment Bank of Turkey (TKYB- Turkiye Kalkınma ve Yatırım Bankası) to support small and medium sized enterprises (SMEs) in the country.
The loan is under the guarantee of the Ministry of Treasury and Finance of the Republic of Turkey.
The BSTDB’s long-term loan will be used to finance capital expenditures and working capital needs of Turkish SMEs to strengthen their competitiveness and export capacity.
Dmitry Pankin, BSTDB President said: “The SME sector development is crucial for long-term growth. We are pleased to team up with TKYB, a well-positioned development bank to reach out to Turkish businesses to promote job creation, income generation, improved infrastructure, and increasing trade turnover between our member countries. We believe that our cooperation will deliver long lasting benefits to the Turkish economy”.
Development and Investment Bank of Turkey (TKYB) was established in 1975 with the purpose of achieving development and sustainable growth of the country. Fully owned by the Ministry of Treasury and Finance of the Republic of Turkey, TKYB enjoys strong partnerships with international funding
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.