A strong alliance
The Black Sea Trade and Development Bank (BSTDB), an international financial institution with headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. BSTDB started operations in June 1999 and has authorized capital of €3.45 billion.
The Bank supports economic development and regional cooperation in the Black Sea Region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in the member countries.
BSTDB is rated BBB/Stable/A-2 by Standard & Poor’s, and Baa2/P-3/ Stable by Moody's.
BSTDB, located in Thessaloniki (Greece), being an International Financial Institution established by virtue of an international treaty registered with the UN, wishes to clarify that it is distinct from and is in no way affiliated with the BLACK SEA BANK OF DEVELOPMENT AND RECONSTRUCTION, located in Simferopol (Crimea).
Key events & facts
BSEC Established
BSTDB Agreement
Inaugural Meeting
Start of Operations
First Project Signed
Treasury Operations
BSTDB grants Observer Status to the World Bank
The Bank obtains from Moody’s Investors Service initial investment grade ratings of long term Baa2 and short term rating of P2
First syndicated borrowing from international commercial banks
BSTDB credit rating upgraded to Baa1 by Moody's
BSTDB grants Observer Status to KfW Banking Group (Germany)
Shareholders decide to increase the authorised capital of the Bank from SDR 1 billion to SDR 3 billion (approx. USD 4.8 billion)
BSTDB grants Observer Status to the Nordic Investment Bank
Technical Cooperation Special Fund established with the Development Bank of Austria
Additional BSTDB shares worth SDR 1 billion (appx. USD 1.5 billion) fully subscribed and allocated by existing shareholders
BSTDB grants Observer Status to the European Investment Bank, the Development Bank of Austria and the Association of European Development Finance Institutions
First bond issue
BSTDB credit rating upgraded to A3 by Moody's
BSTDB grants Observer Status to the International Finance Corporation (IFC) and the French Development Finance Institution (PROPARCO)
BSTDB receives issuer credit ratings from Standard & Poor’s: “A” long term and “A-1” short term; outlook stable
BSTDB grants Observer Status to the European Bank for Reconstruction and Development (EBRD)
BSTDB issues CHF 200 million bond
BSTDB credit rating upgraded to A2 by Moody's
CHF 100 million 4.5 year bond issue
BSTDB established a EUR 1 billion Euro Medium Term Note programme
BSTDB grants Observer Status to the Islamic Corporation for the Development of the Private Sector (ICD)
Issue of Inaugural Benchmark USD 500 Million Bond
BSTDB grants Observer Status to the Asian Development Bank (ADB)
BSTDB Joins Global Enhanced Climate Action
BSTDB signs cooperation agreement with the OPEC Fund for International Development
BSTDB adopts ambitious Strategy and Business Plan for 2019-2022
BSTDB receives a rating outlook upgrade from S&P to A- Positive
BSTDB issues a USD 400 million bond to support portfolio growth
BSTDB becomes the first IFI to issue a local currency bond in Azerbaijan
BSTDB switch tender and tap of 3.5% notes due June 2024
BSTDB credit rating upgraded to A by Standard & Poor’s
BSTDB shareholders decide to increase subscribed capital from EUR 2.29 billion to EUR 3.10 billion
BSTDB adopts Long-Term Strategy 2021-2030 targeting 7% annual growth
BSTDB approves Climate Change Strategy aimed at enhanced climate financing
Moody's and S&P downgrade BSTDB's ratings to Baa1/P-2 and A-/A-2, respectively, amid war in Ukraine
S&P Downgraded BSTDB To 'BBB+/A-2' On Halting Capital Replenishment
Moody's downgraded BSTDB's ratings to Baa2, maintains negative outlook
S&P downgrades BSTDB to 'BBB' On Reduced Policy Importance; Outlook Stable; Off Watch Neg
Moody's Ratings changes outlook on BSTDB to stable from negative
BSTDB introduces new logo reflecting strategic vision and institutional growth
BSTDB inaugurates its new sustainable Headquarters in Thessaloniki
BSTDB and KfW establish EUR 80 million Climate Finance Facility to boost green investments in the Black Sea Region
Mandate & mission
Development, cooperation, prosperity
The purpose of the Bank is to accelerate development and promote cooperation among its shareholder countries. BSTDB supports regional trade and investment, providing financing for commercial transactions and projects in order to help Member States to establish stronger economic linkages.
As defined in the Agreement Establishing the Black Sea Trade & Development Bank, the mission of the Bank is to effectively contribute to the transition process of the Member States towards the economic prosperity of the people of the region. This translates into a dual mandate for the Bank to (i) promote regional cooperation among and (ii) economic development in Member States principally by financing operations in the private and public sectors.
Vision
Well-focused solutions
BSTDB’s vision is to be recognized globally, and by its shareholders in particular, as a prominent development finance institution for the Black Sea Region providing well-focused development assistance and solutions.
Past our silver anniversary.
A milestone to remember!
This year marked a remarkable milestone in our journey, a time to celebrate our legacy while setting our sights on a bright future. As we honour the achievements that have defined us, we also embrace the opportunities ahead with dedication and optimism.
Our common ground
Our bank
“Our journey has not been without its challenges. We have navigated through economic crisis, evolving markets, and unforeseen global and regional disruptions.
Yet every challenge has been met.
Μore than that!
We have been a catalyst for positive change. We proved our resilience and went beyond together. We will continue to shape a region where opportunity and prosperity are within reach for all."
Dr. Serhat Köksal
President of BSTDB
Member states
We're on a mission!
Members
The Black Sea Trade and Development Bank (BSTDB) was established by the founding 11 member countries of the Black Sea Economic Cooperation (BSEC) as a regional multilateral development bank and financial pillar of BSEC.
- • Albania
- • Armenia
- • Azerbaijan
- • Bulgaria
- • Georgia
- • Greece
- • Moldova
- • Romania
- • Russia
- • Türkiye
- • Ukraine
Shareholding structure
The BSTDB authorized capital is SDR 3 billion (appx. USD 4.5 billion). The subscribed capital is SDR 2 billion. As an independent international financial institution, the Bank raises additional resources in international capital markets to finance its activities.
A statement of capital subscriptions illustrating the number of shares and the amount subscribed by each member is shown below, including their respective callable, payable and the amount paid. The capital subscription status at 31 December 2024 is analysed as follows: (presented in EUR000)
| Country | Shares | Shareholding % | Subscribed | Callable | Payable | Paid |
|---|---|---|---|---|---|---|
| Albania | 40,000 | 2.01% | 46,000 | 32,200 | - | 13,800 |
| Armenia | 20,000 | 1.01% | 23,000 | 16,100 | - | 6,900 |
| Azerbaijan | 100,000 | 5.03% | 115,000 | 80,500 | - | 34,500 |
| Bulgaria | 270,000 | 13.57% | 310,500 | 217,350 | - | 93,150 |
| Georgia | 10,000 | 0.50 % | 11,500 | 8,050 | - | 3,450 |
| Greece | 330,000 | 16.58% | 379,500 | 265,650 | - | 113,850 |
| Moldova | 10,000 | 0.50 % | 11,500 | 8,050 | - | 3,450 |
| Romania | 280,000 | 14.07% | 322,000 | 225,400 | - | 96,600 |
| Russia | 330,000 | 16.58% | 379,500 | 265,650 | - | 113,850 |
| Türkiye | 330,000 | 16.58% | 379,500 | 265,650 | - | 113,850 |
| Ukraine | 270,000 | 13.57% | 310,500 | 217,350 | - | 93,150 |
| Total | 1,990,000 | 100 % | 2,288,500 | 1,601,950 | - | 686,550 |