BSBTD EXTENDS USD5MN CREDIT TO UKRAINIAN COMPANIES
Black Sea Bank for Trade and Development (BSBTD) extended its credit line for the Ukrainian Microfinance Bank by USD5MN. The ceremony of signing this loan was on April 18 in Thessaloniki during a working visit in Greece of the Ukrainian President Leonid Kuchma.The credit line for Microfinance Bank is for three years and the money is earmarked for financing micro-, small-, and medium-sized enterprises in the Ukraine. Microfinance Bank, established in January 2001 has released 12,000 loans, worth a total of USD65MN so far. The bank's aim is to offer the best terms for crediting small- and medium-sized enterprises in the Ukraine. The World Bank, the International Financial Corporation (IFC), the European Bank for Reconstruction and Development(EBRD), and various funds from the EU countries, are shareholders in Microfinance Bank.Black Sea Bank for Trade and Development is an international financial institution, set up by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, the Russian Federation, Turkey, and the Ukraine. With its capital of 1.3BN Special Drawing Rights (SDR) the bank supports the economic development and regional cooperation between the countries which are its members through financing and guaranteeing projects from the public and private sector. Since it began operations in 1999, BSBTD has assisted financially more than 350 projects, extending USD450MN-plus.