Black Sea Trade and Development Bank approves its first climate change strategy

The Board of Directors of the Black Sea Trade and Development Bank (BSTDB) approved the Bank’s first Climate Change Strategy that represents the vision and approach to addressing climate change over the next ten-year period and beyond.

The Strategy defines a more purposeful role for the Bank in supporting its shareholders in both mitigating and coping with the impacts of climate change mainly by shifting the financing priorities to more climate positive operations and increasing climate co-benefit potential in its operations. By doing so, the Bank intends to better align its financing with the Member States’ climate priorities.

The Black Sea Trade and Development Bank (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. BSTDB 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. The authorized capital of the Bank is EUR 3.45 billion.