The Black Sea Trade and Development Bank (BSTDB) is an international development finance institution serving the eleven member founding countries of the Black Sea Economic Cooperation, a regional economic organization. It supports economic development and regional cooperation by providing loans, guarantees, and equity for development projects and trade transactions. BSTDB supports both public and private enterprises in member countries and does not attach political conditionality to its financing.[3]
Objectives of the bank include promoting regional trade links, cross country projects, foreign direct investment, supporting activities that contribute to sustainable development, with an emphasis on the generation of employment in the member countries, ensuring that each operation is economically and financially sound.[4] The bank has an authorized capital of EUR 3.45 billion.[5]
BSTDB is governed by the Agreement Establishing the Black Sea Trade and Development Bank, a United Nations registered treaty. The Agreement came into force on January 24, 1997.[1] BSTDB commenced its operational activities in June 1999.
In April 2022, Moody's Investors Service rated BSTDB "A2" long term with stable outlook. Standard & Poor's rating agency assigned BSTDB a long term issuer rating of『A−』with stable outlook. Scope Ratings evaluates BSTDB at A− with negative outlook.[6]
The Bank is overseen by the Board of Governors, Board of Directors, the President, three Vice Presidents and the Secretary General. The head of the Board of Directors and the chief executive of the Bank is the Director. Board of Directors appoints the Vice Presidents and the Secretary General.[7]
In 2018, Dmitry Pankin was appointed the President for the term of four years.[8] Pankin was succeeded by Serhat Köksal in July 2022.
Each shareholder appoints one person to the Board of Governors and one to the Board of Directors.
Each shareholder has an obligation to pay additional capital if called upon, in total an additional €1.602 billion.[9]
Serbia and North Macedonia are full members of the Black Sea Economic Cooperation organization, however they do not have any shareholding percentages in the bank.[11]
Thessaloniki, Greece
EUR 63.7 million (2022)
Albania
Armenia
Azerbaijan
Bulgaria
Georgia
Greece
Moldova
Romania
Russia
Turkey
Ukraine
Economics
Europe
