December 22 (SeeNews) - The Black Sea Trade and Development Bank (BSTDB) said on Wednesday it has provided a $3 million (2.65 million euro) loan to Moldovan company Express Leasing and Microcredit for on-lending to domestic micro-, small and medium-sized enterprises (MSMEs).
The BSTDB funds will be used to provide finance for MSMEs, covering their various needs from working capital to investments, the bank said in a press release.
The operation will generate a development impact for the Moldovan economy through improved competitiveness of the SME sector, export capacity building and increase in employment, the bank added.
“Improving access to finance for micro- and SMEs is vital for supporting the activities and investments of MSMEs and promotion of this financial tool under the current slowdown caused by the pandemic may help them invest and bounce back from the coronavirus crisis," BSTDB Vice President Banking said Hasan Demirhan said.
"We are happy to strengthen our partnership with Express Leasing and Microcredit by offering new funds to our existing partner in Moldova for the benefit of the local companies and national economy where MSMEs are the main source of income and employment."
Express Leasing & Microcredit is a limited liability company incorporated in the Republic of Moldova. Owned 100% by Broadhurst Investment Limited (registered in Cyprus), the company’s main activity is loan and lease financing focusing on SMEs and micro-financing sector.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. The authorized capital of the bank amounts to 3.45 billion euro.
($ = 0.8854 euro)