YEREVAN.- The Black Sea Trade and Development Bank (BSTDB) has restructured its $7 million loan to CJSC “Natfood” signed in 2008 and committed to provide additional working capital facility to the Company in the amount of up to $1.4 million (Photos).
Problems and delays in execution of the project did not allow Natfood to start timely repayments to BSTDB loan. The restructuring would allow the Company to complete installing modern meat processing lines and to start producing high quality meat products for the Armenian market and for export. The restructured facility also involves the European Bank of Reconstruction and Development (EBRD) and VTB-Armenia.
“BSTDB is committed to supporting small and medium sized business that is essential for Armenia’s sustainable growth, job creation and competitiveness. The Bank believes that the agreed loan restructuring and additional financing will enable Natfood to successfully complete the project soon. Constructive cooperation with EBRD and VTB-Armenia was instrumental in achieving a mutually acceptable solution”, said Andrey Kondakov, BSTDB president signing the agreement in Yerevan.
“BSTDB, along with EBRD and VTV-Armenia, are helping Natfood to go through difficult times, and we are sure that this investment will prove to be beneficial both for the banks and for our business. Great support was contributed by President of the Republic of Armenia and Chairman of the Central Bank o Armenia for overcoming the company’s difficult period,”said Henrik Zakharyants, Natfood CEO and majority shareholder.
JSC Natfood is a private meat-processing company partially owned by EBRD and Mr. Henrik Zakharyants, prominent Armenian businessman engaged in food processing business and trade. Natfood factory is a new facility equipped with state-of-the-art machinery and modern technology.
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 headquarter is 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 SDR 3 billion (aapx. 3.5 billion euro). BSTDB is rated long-term “a” by Standard and Poor’s and “A3” by Moody’s.
