TIRANA (Albania), July 28 (SeeNews) - The Black Sea Trade and Development Bank (BSTDB) said it is extending a 6 million euro ($7.1 million) loan to Albanian microfinance company Fondi Besa for on-lending to local companies.
The loan will be used for on-lending to micro, small and medium enterprises (MSMEs), especially firms based outside larger cities, BSTDB said in a statement on Tuesday.
“Building on the solid partnership we have with Fondi Besa, we are delighted to continue providing fresh funds that will strengthen the real economy in the country, especially at the time when the pandemic puts Albania’s economy under unprecedented pressure, with small businesses suffering the hardest,” BSTDB president Dmitry Pankin said.
To date, BSTDB has provided 21 million euro of loans to Fondi Besa, helping to finance more than 10,000 Albanian businesses. The microfinance company has been a BSTDB partner since 2014.
The Black Sea Trade and Development Bank is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece.
($ = 0.8467 euro)