SOFIA (Bulgaria), October 4 (SeeNews) – The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) has decided to increase the bank’s subscribed capital by € 2.29 billion ( $ 2.65 billion) to € 3.10 billion, BSTDB said.

The move comes after the adoption of the long-term strategy for 2021-2030 earlier this year, whose strategic objectives of promoting the economic development and regional cooperation of BSTDB member states, as well as building the capacity The bank’s response to crisis situations while increasing its relevance to shareholders must be made possible by the capital increase, the bank said in a statement on Friday.

The new subscription follows the increase in the authorized capital of BSTDB approved in 2007, as well as the first round of subscription decided in 2008 and completed in 2018. The subscription concerns 70% of the available capital authorized but not subscribed. BSTDB’s total authorized capital of EUR 3.45 billion includes an unsubscribed portion of 10%, which must remain available, among other things, for potential new shareholders.

The paid-up portion of the newly subscribed capital will be 30%, of which 70% can be called, in accordance with the current capital structure of the bank. As a result of the new subscription, BSTDB will receive additional capital of 244.96 million euros, thus bringing the paid-up capital held by the bank to 931.51 million euros.

The underwriting process is due to be finalized by the end of September 2022, with shareholders making payments in eight installments over the period 2023-2030, BSTDB added.

BSTDB, headquartered in Thessaloniki, Greece, is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine. The bank supports economic development and regional cooperation by providing loans, lines of credit, equity and guarantees for projects, as well as commercial finance in the public and private sectors of its member countries.

($ = 0.8624 euros)