5 Oct 2009

NIB extends loan to Black Sea Trade and Development Bank

The Black Sea Trade and Development Bank (BSTDB) and the Nordic Investment Bank (NIB) have concluded a loan agreement for the financing of projects of mutual interest in the Black Sea region. For this purpose NIB will make available a EUR 30 million loan to BSTDB for the term of 9 years.

The financing provided under the loan agreement will be allocated to mutually agreed projects in the BSTDB member countries with priority given to projects promoting environmental improvements and sustainability.

“I am happy to see that despite the distance between the Baltic Sea and the Black Sea that separates us we have managed to establish very close institutional relations and maintain contacts at all levels.  The NIB Observer status with BSTDB created even more favourable framework for our cooperation,” stated Hayrettin Kaplan, BSTDB President, at the signing of the agreement.

“NIB attaches great importance on its cooperation with other international financial institutions (IFI). Our loan to the BSTDB is a good example of this. Such contracts enable us to be active in areas where our capacity would otherwise be limited,” said the Nordic Investment Bank’s President and CEO Johnny Åkerholm.