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Working with Black Sea Trade & Development Bank. VIENNA ECONOMIC FORUM Go South East – Invest in Moldova – Invest in the Region Chisinau Meeting – 20/21 February 2008. BSEC Members - Shareholders of BSTDB. Ukraine. Russia. Moldova. Georgia. Azerbaijan. Romania. Bulgaria. Armenia.

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Working with Black Sea Trade & Development Bank

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Working with Black Sea Trade & Development Bank

VIENNA ECONOMIC FORUMGo South East – Invest in Moldova – Invest in the Region

Chisinau Meeting– 20/21 February 2008


BSEC Members - Shareholders of BSTDB

Ukraine

Russia

Moldova

Georgia

Azerbaijan

Romania

Bulgaria

Armenia

Albania

Turkey

Greece


BSTDB objectives

  • Facilitation of trade and investment activities among Member Countries

  • Promotion of economic prosperity in Member States and a strong developmental impact

  • Mobilization of domestic and foreign capital


BSTDB in 2007

  • Portfolio (outstanding) – US$ 745*million

  • Portfolio growth – 64 %

    ____________________________________________________________________________________________________

  • Moldova – US$ 17.4* million (2.35%)

  • Growth – 3.7 times

    *- preliminary estimates


BSTDB Products

  • Project finance

  • Corporate lending

  • Asset-based finance

  • Syndicated loans

  • Trade finance

  • Equity investments


BSTDB Lending

  • Up to US$ 36.6 million BSTDB participation

  • Up to 35% of the total project costs

  • Medium to long term maturity depending on type and structure of project

  • Pricing and grace period subject to appraisal and valuation


Equity

  • Up to US$ 10 million BSTDB participation

  • Minority stake (generally less than 25% and not more than 33% of total equity).

  • No direct participation in company management

  • Probable seat on the Board of Directors

  • Possible Put option for BSTDB exit


Why BSTDB?

  • Stringent but quick approval process

  • Ability to process “small” projects

  • Team blending international and local expertise

  • No political or macroeconomic conditionality attached to the financing


Eligibility Review

Concept Clearance

Credit Committee Approval

Board Approval

Disbursement

Signing

BSTDB Project Cycle


Maturity of BSTDB loans

  • Typical 2 - 7 years

  • Possible up to 10 years

  • In exceptional cases more than 10 years


BSTDB security requirements

  • Standard pledge of shares, assets, corporate/parent guarantees, etc. depending on the project

  • In a cross-boarder investment, the security can be based in the country of investment

  • While possible, sovereign guarantee is not required

  • Unsecured transactions


What is the minimum project size BSTDB would consider?

  • Project Size - $10 million

  • BSTDB participation - $3 million


Weaponry or military goods

Tobacco and alcohol related products

Negative list of relevant countries

Negative list of United Nations economic sanctions

Negative list of World Bank

Non-Eligible Goods


Eligibility Criteria

  • last 2 - 3 years financial statements audited by international auditors;

  • has adopted International Accounting Standards;

  • have acceptable financial and operational performance,


Thanks from

the Banking Division of BSTDB

www.bstdb.org


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