The Black Sea Trade & Development Bank (BSTDB) board has approved the provision of a corporate loan to Greece’s main power utility PPC for an amount of 160 million euros with a 5-year tenor for the purpose of financing the corporation’s capital expenditure plan, the largest BSTDB operation to date, it has announced in a statement.

The operation is expected to have multiple benefits for the Greek economy, and the energy sector in particular, by improving the country’s energy mix and infrastructure, BSTDB noted in its announcement.

It will assist in restoring Greece’s economic growth by generating tax revenues, creating new jobs and boosting confidence in a vital sector of the economy, the statement added.

The operation marks the beginning of a valuable cooperation between BSTDB and PPC, the biggest power producer and electricity supply company in Greece with approximately 7 million customers, the BSTDB statement noted.

PPC currently holds assets in lignite mines, power generation facilities (conventional thermal and hydroelectric power plants) and distribution as well as RES units, accounting for approximately 60% of the total installed capacity in the country.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Greece, Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Moldova, Romania, Russia, Turkey and Ukraine.

The BSTDB headquarters are in Thessaloniki. 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 3.45 billion euros. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s.