The Black Sea Trade and Development Bank (BSTDB), an international financial institution headquartered in Thessaloniki, Greece,  was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The Bank supports economic development and regional cooperation in the Black Sea region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in the member countries. BSTDB started operations in 1999 and has authorized capital of Euro 3.45 billion. As of end 2017, BSTDB cumulative portfolio in its 11 member countries has reached 365 approved operations in the key sectors of infrastructure, energy, transport, manufacturing, telecommunications, financial sector and other important areas amounting to about EUR 5 billion. BSTDB is rated A-/A-2 by Standard&Poor's, and A2/P1 by Moody's.