BSTDB New Partnership to Bolster Development Initiatives in Albania, Azerbaijan and Türkiye
Agreement signed with Standard Chartered backed by ICIEC aims to fund sustainable development projects
The Black Sea Trade and Development Bank (BSTDB or the Bank) and Standard Chartered Bank (Standard Chartered) have inked a EUR 75 million long-term loan facility agreement. The funds from this facility are earmarked for vital development projects across Albania, Azerbaijan, and Türkiye, reinforcing BSTDB's role in promoting sustainable economic growth. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is supporting this facility.
Standard Chartered is the Mandated Lead Arranger, ICIEC Coordinator and Structuring Bank and Bookrunner. By leveraging Standard Chartered's expertise and ICIEC's risk mitigation capabilities, BSTDB is taking decisive steps toward bolstering economic stability and growth in the region. This facility embodies a strategic collaboration aimed at reinforcing the Bank’s mission to empower its member states through impactful financial partnerships. The facility earmarks developmental projects where the mandates of ICIEC and BSTDB intersect, thereby strengthening the collaboration between the institutions.
Commenting on the agreement, Dr. Serhat Köksal, BSTDB President said: “Our new impactful partnership with Standard Chartered, supported by ICIEC, exemplifies our commitment to channeling essential financial resources into initiatives that support sustainable infrastructure and economic resilience within our member countries. The layered approach of the new facility provides robust security to all parties and underscores the importance of multi-institutional cooperation in advancing regional development.”
Desislava Radeva, Executive Director, Development & Agency Finance, Standard Chartered said: “ This ICIEC-supported financing arranged by Standard Chartered marks the start of an important relationship with BSTDB while providing capital for key development projects across overlapping member countries of both BSTDB and ICIEC.”
Standard Charteredis a leading international banking group, with a presence in 52 of the world’s most dynamic markets. Its purpose is to drive commerce and prosperity through its unique diversity, and its heritage and values are expressed in its- brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. For more stories and expert opinions please visitInsightsatsc.com. Follow Standard Chartered onX,LinkedIn,InstagramandFacebook.
TheBlack Sea Trade and Development Bank (BSTDB)is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, 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. For information on BSTDB, visitwww.bstdb.org.
Contact:Haroula Christodoulou
: @BSTDB
