BSTDB, Japan Bank for International Cooperation allocate $150 mln for Ukraine's reconstruction projects
MOSCOW. Oct 8 (Interfax) - The Black Sea Trade and Development Bank (BSTDB) has received a credit facility from the Japan Bank for International Cooperation (JBIC) totaling up to $150 million to support essential projects and promote green initiatives in Ukraine, Ukrainian media reported, citing the Ukrainian Economy Ministry's press service.
"BSTDB and JBIC's coordinated efforts demonstrate the unwavering commitment of international institutions to support Ukraine in times of dire need. I thank partners for this initiative, which will contribute to sustainable development and provide support for implementing projects in critical economic sectors," Ukrainian First Deputy Prime Minister and Economy Minister Yulia Sviridenko said.
Stepping up the sustainability of the economy, in particular, in agriculture, food industry, transport and logistics, digital infrastructure and pharmaceuticals will be the focus of the initiative, which will ensure the sustainable economic growth even in hard times, she said. In addition, up to $75 million will be allocated to green initiatives and promoting environmental sustainability in the Black Sea region.
BSTDB President Dr. Serhat Koksal said that $150 million allocated for Ukraine will boost vital investment needed for the country's recovery. Both parts of the credit facility reflect BSTDB's and JBIC's joint commitment to address both urgent challenges and encourage green investment in the region.
The Japan Bank for International Cooperation (JBIC) is a financial institution in Japan which is undertaking lending, investment and guarantee transactions, complementing private financial institutions.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by the countries in the Black Sea region, including Ukraine, in 1999. Its authorized capital stands at 3.45 billion euros. Since its establishment, the BSTDB's Board has endorsed its involvement in 58 projects in Ukraine for around 1 billion euros.
