Black Sea Devt Bank to Invest up to EUR 150 M in Bulgaria by 2014

The Black Sea Trade and Development Bank (BSTDB) may provide up to EUR 150 M by 2014 for investments in Bulgaria through its credit lines, according to the Finance Ministry.

Bulgaria's business sector can benefit by getting between EUR 40 M and EUR 50 M in credits from the BSTDB annually in the next three years, the ministry said with respect to a visit of a delegation.

The management of the Black Sea Trade and Development Bank, which is based in Thessaloniki, Greece, is going to present its credit opportunities in Sofia on Friday, as part of a two-day visit.

BSTDB was established in 1999 by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine, which are the 11 founding countries of the Black Sea Economic Cooperation (BSEC) as a financial pillar of BSEC.

Since 1999, BSTDB cumulative portfolio in its 11 member countries reached 220 operations in the key sectors of infrastructure, energy, transport, manufacturing, telecommunications, financial sector and other important areas to the total amount of over USD 2.8 B.

The Black Sea Trade and Development Banks has funded 23 projects in Bulgaria worth a total of EUR 211 M, which is about 10% of the total credit portfolio of the bank to date.

Bulgaria has seen the third largest amount of investment by the BSTDB from among all 11 members.

The Finance Ministry, however, has pointed out that the Bulgarian potential to absorb credits from the BSTDB is much greater, and the investments from the bank may be doubled by 2014.