YEREVAN, June 25. /ARKA /. The Austrian Development Bank and the Black Sea Trade and Development Bank (BSTDB) signed on Sunday in Yerevan a loan agreement worth 30 million euros to finance private sector projects in the region as part of BSTDB’s programs.

"The loan is repayable in 7 years. It allows to increase the amount of BSTDB’s lending to private sector in the region, both directly and through financial institutions," BSTDB president, Andrei Kondakov said during the signing ceremony.

Kondakov described the agreement as another step in deepening the cooperation between the BSTDB and the Austrian Development Bank, which has observer status in the BSTDB.

Kondakov said BSTDB operates Technical Cooperation Fund, established together with the Austrian Bank, which finances advisory services for the preparation of various projects and vocational training in BSTDB member countries.

The Austrian Development Bank was founded in March 2008 as a component of the Austrian Control Bank (OeKB). The Austrian Development Bank supports private sector projects in developing countries, focusing on projects aimed at creating local and regional financial markets so that small and medium enterprises have access to the tools of financing in developing countries.

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 headquarter is 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 SDR 3 billion (aapx. 3.5 billion euro). BSTDB is rated long-term “a” by Standard and Poor’s and “A3” by Moody’s. -0-