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BSTDB to lend $30 mln (25.5 mln euro) to Moldova's Trans-Oil Group

BSTDB to lend $30 mln (25.5 mln euro) to Moldova's Trans-Oil Group oticki/

SOFIA (Bulgaria), July 28 (SeeNews) – The Black Sea Trade and Development Bank (BSTDB) said on Friday it will lend $30 million (25.5 million euro) to Moldovan agricultural commodities trader and sunflower oil producer Trans-Oil Group.

"The proceeds of the loan will be used to finance the group’s seasonal working capital needs associated with origination, primary processing, storage and transportation of agricultural commodities sourced in Moldova and their subsequent export to other countries," BSTDB said in a statement.

The BSTDB financing is part of a $170 million syndicated loan arranged by Societe Generale, Zurich Branch with the participation of Arab Bank, FMO, Banque Cantonale Vaudoise, Fimbank  and UniCredit Bank AG.

"The importance of this operation for BSTDB as a regional development institution is stemming from its multiple development impact on growth, exports and employment, and from the strategic position of the agricultural sector for Moldova. We are happy to join forces with other international lenders supporting the well-managed market leader," Ihsan Ugur Delikanli, president of BSTDB said.

Trans-Oil Group started its grain and agro trading activities in 1996, in Moldova and Ukraine.

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 bank 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.

($ =0.8519 euro)