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Black Sea Trade and Development Bank

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Black Sea Trade and Development Bank
FormationJanuary 24, 1997 (1997-01-24)[1]
TypeInternational Financial Institution
HeadquartersGreece Thessaloniki, Greece
Location
Region served
Countries around the Black Sea
Membership
11
President, Chairman of the Board of Directors
Serhat Köksal (16 July 2022 - present)[2]
Revenue
Increase EUR 63.7 million (2022)
Websitewww.bstdb.org

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.

Ratings

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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]

Management

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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.

Member states

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  member states

Although the Black Sea Economic Cooperation organization has thirteen members, membership in the bank only includes the eleven founding members:

Bank members and their shareholdings: [9]

Country Shareholding Paid up capital Note
 Albania 2.0% €13.8m
 Armenia 1.0% €6.9m
 Azerbaijan 5.0% €34.5m
 Bulgaria 13.5% €93.15m
 Georgia 0.5% €3.45m
 Greece 16.5% €13.85m
 Moldova 0.5% €3.45m (reduced from 1% in 2011) [10]
 Romania 14.0% €96.6m
 Russia 16.5% €113.85m
 Turkey 16.5% €113.85m
 Ukraine 13.5% €93.15m
unallocated 0.5% [10]

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]

Observer organizations

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Observer organizations of the Black Sea Trade and Development Bank, include:[12]

Partnership agreements

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See also

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References

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  1. ^ a b Key Facts bstdb.gr [dead link]
  2. ^ "Appointment of Next BSTDB President". bstdb.org. 25 February 2022. Retrieved 11 March 2023.
  3. ^ "Archived copy". Archived from the original on 11 October 2007. Retrieved 27 December 2008.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ^ "MedAgri Member: Black Sea Trade and Development Bank (BSTDB)". www.eastagri.org. Archived from the original on 23 August 2017. Retrieved 12 November 2020.
  5. ^ "Black Sea Trade & Development Bank". Archived from the original on 14 January 2010. Retrieved 10 July 2012.
  6. ^ "Scope downgrades Black Sea Trade and Development Bank to A-/ Negative". Scope Ratings. Retrieved 2 April 2022.
  7. ^ "How we are structured - Black Sea Trade and Development Bank". www.bstdb.org. Retrieved 25 December 2017.
  8. ^ "Management - Black Sea Trade and Development Bank". www.bstdb.org. Retrieved 25 December 2017.
  9. ^ a b "Member Countries". Retrieved 22 December 2022.
  10. ^ a b "Financial Statements for the Year Ended 31 December 2022" (PDF). 31 December 2022.
  11. ^ Black Sea Trade and Development Bank (31 December 2020). "Member countries". Bstdb.org. Retrieved 28 September 2022.
  12. ^ Black Sea Trade and Development Bank. "Observers". Bstdb.org. Retrieved 22 December 2023.
  13. ^ "Евразийский банк развития и Черноморский банк торговли и развития договорились о стратегическом сотрудничестве". eabr.org.
  14. ^ a b Black Sea Trade and Development Bank. "Who we are". Bstdb.org. Retrieved 28 September 2022.
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