BSTDB lends € 6 million to Fondi Besa in Albania to support MSMEs
TIRANA, Albania, July 28 (SeeNews) – The Black Sea Trade and Development Bank (BSTDB) has announced that it is providing a € 6 million ($ 7.1 million) loan to the company of Albanian microfinance fund Fondi Besa for on-lending to local businesses.
The loan will be used to on-lend to micro, small and medium-sized enterprises (MSMEs), in particular to companies based outside major cities, BSTDB said in a statement on Tuesday.
“Building on the strong partnership we have with Fondi Besa, we are delighted to continue providing fresh funds that will strengthen the country’s real economy, especially as the pandemic puts the Albanian economy under pressure without precedent, with small businesses being the hardest hit. “said BSTDB chairman Dmitry Pankin.
To date, BSTDB has provided 21 million euros in loans to Fondi Besa, helping to finance more than 10,000 Albanian companies. The microfinance company has been a partner of BSTDB since 2014.
The Black Sea Trade and Development Bank is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine. The headquarters of the BSTDB are in Thessaloniki, Greece.
($ = 0.8467 euro)