10:17 19.12.2019

NIB, BSTDB to provide EUR 50 mln for development of 'green' power generation in Black Sea region

2 min read
NIB, BSTDB to provide EUR 50 mln for development of 'green' power generation in Black Sea region

The Nordic Investment Bank (NIB) and the Black Sea Trade and Development (BSTDB) have agreed a new loan program of EUR 50 million to finance sustainable investments in the Black Sea region and south-eastern Europe.

The press service of the bank reported that the funds of the 10-year loan facility will be used to finance environmental projects and investments that contribute to sustainable development and climate change mitigation, such as renewable energy and clean public transport projects, in the BSTDB's region of operation.

This is the fourth loan program signed between NIB and BSTDB.

"We are pleased to join forces with the Nordic Investment Bank, one of our long-established Observers, to support environmentally sustainable investments in the Black Sea region. Protection of the environment and improvement of the quality of life are common priorities for our two banks," Dmitry Pankin, BSTDB President, said.

BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine.

The bank 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.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries.

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