BSTDB - The Black Sea Trade and Development Bank

09/30/2024 | Press release | Distributed by Public on 09/30/2024 06:02

BSTDB and JBIC Ink Agreement to Provide Crucial Support to Ukraine and Advance Green Initiatives

BSTDB and JBIC Ink Agreement to Provide Crucial Support to Ukraine and Advance Green Initiatives

Press Release | 30-Sep-2024

USD 150 million facility to fund vital projects in Ukraine and promote sustainable development

The Black Sea Trade and Development Bank (BSTDB) has obtained a facility from the Japan Bank for International Cooperation (JBIC) totaling up to USD 150 million, further enhancing its ability to support critical development efforts in the Black Sea region.

The facility is specifically designed to provide up to USD 150 million to support Ukraine and other affected BSTDB member-states. This funding will be instrumental in helping Ukraine, which is currently facing immense challenges, to recover and rebuild key economic and social infrastructure. The focus will be on bolstering the resilience of Ukraine's economy, especially in the agriculture, food, transport and logistics, digital infrastructure, and pharmaceutical sectors, ensuring that the country can continue to pursue growth despite the ongoing difficulties. Additionally, up to USD 75 million will be allocated to green initiatives aimed at promoting environmental sustainability across the Black Sea region. These interconnected facilities reflect a balanced approach, addressing urgent needs while fostering long-term sustainability.

"At this critical moment, we are proud to stand by Ukraine with strong financial backing from JBIC. This facility is a clear demonstration of our pledge to helping Ukraine and other affected countries in the region as they navigate these difficult times," said Dr. Serhat Köksal, President of BSTDB. "The USD 150 million allocated for Ukraine will catalyze essential investments that are crucial for the country's recovery and future growth. Both portions of the facility, the "Support Ukraine" and the" Green" one, are interconnected, reflecting our shared commitment to addressing immediate and acute needs, while fostering green investments that will benefit the region's long-term sustainability."

"This credit line is in line with the Japanese government's policy to continuingly support Ukraine and decarbonization. JBIC and BSTDB have worked closely together since the signing of the Memorandum of Understanding, and I am happy to see the realization of the credit line." said Mr. HAYASHI Nobumitsu, Governor of JBIC. "With BSTDB's deep insights in the region and JBIC's funds, we are confident this credit line will contribute to the reconstruction of Ukraine and the mitigation of climate change in the Black Sea region"

The partnership with JBIC highlights BSTDB's role as a reliable and relevant partner for channeling international funds to the Black Sea region. This initiative will not only provide immediate assistance to Ukraine but also help advance sustainable development, ensuring a more resilient and prosperous future for the region.

Since its establishment in 1999, BSTDB has played a pivotal role in fostering regional cooperation and economic progress across its member states. This new partnership with JBIC underscores the Bank's ongoing dedication to driving positive economic and social impact, especially in times of acute need.

Japan Bank for International Cooperation (JBIC) is a policy-based financial institution of Japan and conducts lending, investment and guarantee operations while complementing the private sector financial institutions. For further information about JBIC: www.jbic.go.jp

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
E-mail: [email protected]
Phone: +30 2310 290533
Twitter: @BSTDB; @Haroulax