The Black Sea Trade and Development Bank (BSTDB) is ready to support projects to improve regional cooperation, but is currently focused on financing the health sector and supporting small and medium-sized enterprises (SME), BSTDB President Dmitry Pankin has stated. “Better, solid, and ready to grow conditions might require more financing in the next few years. As such, our bank is ready to provide the necessary support to projects that can further improve regional cooperation and economic development,” he said in an interview with Interfax-Ukraine.
“During the pandemic, investment everywhere slowed down, and BSTDB deferred projects in the infrastructure sector or for corporates looking to expand. Instead, Bank financing shifted more to health sector activities and especially support to SMEs, which found themselves facing difficulties in obtaining financing, particularly at the beginning of the pandemic.,” he stated.
“As ‘normalcy’ returns, we expect investment in expansion and growth to pick up again, and for our portfolio to adapt accordingly,” Pankin added.
The BSTDB was established in 1999 to support the development of the economies of the countries of the Black Sea basin. Its founders are the governments of 11 countries: Ukraine, Greece, Turkey, Bulgaria, Romania, Albania, Azerbaijan, Armenia, Georgia, Moldova, Russia. The headquarters of the BSTDB is located in Thessaloniki. The priority for the bank is the issues of transport communications, energy, agriculture, trade and others. The bank supports economic development and regional cooperation through the provision of loans, credit lines, equity capital and guarantees for projects and trade finance in the public and private sectors of the participating countries.
BLACK SEA TRADE, BSTDB, DEVELOPMENT BANK, REGIONAL COOPERATION
