BSTDB To Issue Short-Term Facility To Aid Ukrainian Mining
Date
5/23/2024 7:19:01 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 23. The Black Sea Tradeand Development bank (BSTDB) has announced a new EUR 10 millionshort-term facility extended to one of the subsidiaries ofMetinvest Group, a renowned international conglomerate of steel andmining enterprises, Trend reports via the Bank.
This loan from BSTDB is strategically aimed at bolsteringMetinvest's export of iron ore products by facilitating dedicatedworking capital financing. The infusion of funds will not onlyenhance Metinvest's export capabilities but also ensure thecontinuity of its production operations in Ukraine.
Metinvest, operating as a vertically integrated group, overseesevery aspect of the value chain, from mining and processing ironore and coal to the manufacturing and distribution of semi-finishedand finished steel products. With production facilities spanningUkraine, the EU, the UK, and the US, along with a comprehensivesales network covering key global markets, Metinvest stands as aformidable player in the industry. In the fiscal year ending onDecember 31, 2023, the Group reported robust revenues of US$7.4billion and an impressive EBITDA margin of 12%.
Established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia,Greece, Moldova, Romania, Russia, Türkiye, and Ukraine, the BSTDBserves as an international financial institution committed tofostering economic development and regional cooperation in Thessaloniki, Greece, BSTDB channels its effortsinto providing loans, credit lines, equity, and guarantees to bothpublic and private sector projects and trade financing within itsmember countries. With an authorized capital of EUR 3.45 billion,BSTDB continues to play a pivotal role in driving sustainablegrowth and prosperity across the Black Sea region.
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