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Crete Will Host the BSTDB 2016 Annual Meeting Events

The Black Sea Trade and Development Bank (BSTDB) will hold the 18th Annual Meeting of the Board of Governors in Chania, Crete on June 12, 2016.

The Annual Meeting of the Board of Governors in Chania will be chaired by Georgios Stathakis, Minister of Economy, Development and Tourism and BSTDB Governor for the Hellenic Republic.

The Board will evaluate the Bank’s operational results, consider the Annual Report and financial statements for 2015 and decide on the allocation of the net income. During 2015, the Bank signed 25 loan agreements exceeding EUR 480 million, an increase of 125.5% compared to 2014, mainly covering the sectors of manufacturing, utilities, and the financial sector. At the year end, the Bank’s outstanding portfolio grew more than 15% to over EUR 1.1 billion. The Bank registered a positive net income for the eleventh consecutive year. Importantly, BSTDB has substantially improved the quality of its operational portfolio during the year, with the share of non-performing loans decreased from 5.5% in 2014 to 1.2% of the outstanding portfolio.

In Greece, BSTDB supports the implementation of the Government’s investment program and priorities, with a focus on activities promoting export of goods and services, and development of infrastructure, including energy efficiency. The Bank gives priority to cross-border projects with high development and regional cooperation impact.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, 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. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.