March 31 (SeeNews) - The Black Sea Trade and Development Bank (BSTDB) said that it intends to refocus financing of some 900 million euro ($987.4 million) to assist member countries' sectors and industries which are most affected by the coronavirus disease (COVID-19).
BSTDB will focus on assisting municipalities, utilities, manufacturing and pharmaceutical companies being on the front line of the fight against COVID-19, it said in a press release last week.
The bank will offer additional technical assistance to affected clients to facilitate project preparation, including business plans, feasibility studies, and environmental impact assessments.
Last week, BSTDB's president Dmitry Pankin said that an economic slowdown resulting from the COVID-19 pandemic along with troubles in the tourism, hospitality and transport will erode both public finances and corporate financials and may entail a financial crisis.
"Finally, we may have to deal in the second half of this year or next year with a financial crisis. Economic activity is easier to stop than to reboot and restart. It will take time," Pankin said.
The BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The bank headquartered in Thessaloniki, Greece, 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.
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