BAKU, Azerbaijan, June 2
By Leman Zeynalova – Trend:
The partnership of the Black Sea Trade and Development Bank (BSTDB) with SOCAR AQS helped the company to expand its business, the Bank told Trend.
“In 2019 we extended a EUR 20 million Trade Finance Facility to SOCAR AQS with a maturity of one year and a possibility of extension. The loan was utilized according to the agreement we signed with the Company and was fully repaired at maturity. Although the conditions for the extension of the financing were not met, the operation generated economic benefits by financing imports of industrial equipment and materials from BSTDB member countries and provided technological advancement opportunities for producers and suppliers involved. We believe that our partnership with SOCAR AQS helped to expand the Company’s business and to further integrate it to the supply chain ecosystem in the region. At the moment, there is no decision to renew this loan agreement,” said the BSTDB.
The Black Sea Trade and Development Bank (BSTDB), an international financial institution with headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. BSTDB started operations in June 1999 and has authorized capital of 3.45 billion euros. The Bank supports economic development and regional cooperation in the Black Sea Region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in the member countries. BSTDB is rated A-/A-2 by Standard & Poor’s, and A2/P1 by Moody's.
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