BSTDB and KfW Establish EUR 80 Million Climate Finance Facility to Boost Green Investments in the Black Sea Region
New facility will support climate-friendly investments in five member countries
The Black Sea Trade and Development Bank (BSTDB) and KfW Development Bank have signed a EUR 80 million climate finance facility designed to scale up green investments across the Black Sea region.
The facility will enable BSTDB to channel new funding into renewable energy, energy efficiency, and other climate-relevant projects in Albania, Armenia, Moldova, Türkiye, and Ukraine. The funds will support both public and private sector efforts to reduce emissions, strengthen energy security, and promote climate change.
The structure of the facility incorporates robust environmental and social safeguards, ensuring transparent allocation of resources and measurable climate impact.
BSTDB President Dr. Serhat Köksal welcomed the agreement, stating: “This partnership expands our capacity to deliver concrete climate solutions where they are most needed. It is an important step toward a more sustainable, low-carbon, and resilient Black Sea region.”
“We very much welcome the opportunity to continue our long-standing cooperation with BSTDB since 2011 through this new agreement that supports the bank in implementing its climate strategy.”, said Stephan Opitz, Member of the Management Committee of KfW Development Bank.
Through this collaboration, BSTDB strengthens its role in accelerating the region’s transition to a greener future while deepening cooperation with international partners.
KfW Group, founded in 1948, is the German promotional bank and one of the world’s leading promotional banks. It is 80% owned by the Federal Government and 20% by the federal states.
KfW Development Bank carries out Financial Cooperation (FC) projects with developing countries and emerging economies on behalf of the German Federal Government, especially the Federal Ministry for Economic Cooperation and Development (BMZ). The experts at KfW’s head office in Frankfurt am Main and more than 60 international offices cooperate with partners all over the world. The promotional financing strengthens economic perspectives, improves the infrastructure, combats poverty and hunger and protects the climate and the environment as well as peace and security – in a common interest. KfW Development Bank is a competent and strategic adviser for current development policy issues.
The Black 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, visit www.bstdb.org.
Contact: Haroula Christodoulou
