site.btaParliament Agrees to Increase Bulgaria's Shareholding in Black Sea Trade and Development Bank Capital

Parliament agreed Thursday to increase Bulgaria's shareholding in the capital of the Black Sea Trade and Development Bank. The decision was taken with 141 votes in favour, zero against and two abstentions. 

At a meeting held on October 1, 2021, the BSTDB Board of Governors adopted by majority a decision approving the Bank's Capitalisation Strategy for the period 2023-2030. The Strategy provides for an increase in the Bank's paid-up capital by a total of EUR 244,961,040 to be paid by the Member States in equal annual instalments until 2030. In order to maintain its current shareholding of 13.5% in the Bank's share capital structure, Bulgaria should subscribe for 96,336 new shares, with a total contribution to the Bank's paid-up capital of EUR 33,235,920 for the period 2023-2030.

The BSTDB is an international financial institution of the countries participating in the Black Sea Economic Cooperation. It was founded by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine. The Bank's activities are aimed at financing and promoting regional public and private sector projects, as well as encouraging commercial activity between the shareholder countries.

Since the beginning of its operations in 1999, the Bank has financed 39 projects in Bulgaria in sectors such as energy, infrastructure, food processing, and agriculture. As of October 31, 2022, its active portfolio in Bulgaria was worth approximately EUR 237 million, or approximately 10.5% of the Bank's total active operations.