ODEABANK A.S.Status: Completed investment
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Who is our customer
Odeabank A.S. is a relatively young innovative mid-sized bank in Turkey. It is a steadily growing bank that is viewed as an ambitious banking pioneer who brings to the market the old concept of commercial and retail banking in a modern efficient way. To support growth of the renewable energy portfolio Odeabank requested for a USD term loan.
What is our funding objective?
The facility is in the form of an IFC-B loan and will be wholly used to finance renewable energy projects of Odeabank, which is a strategic growth area for the bank. The facility also supports raising awareness and demand for renewable energy projects in Turkey. It will help to improve the environment, living standards and quality of life by reducing GHG emissions and other pollutants and dependence on fossil fuel and natural gas imports.
Why do we fund this investment?
This new "green" transaction offers FMO the opportunity to start a relationship with Odeabank in a relatively efficient way whilst fully supporting FMO's ambition of doubling impact and halving our footprint. The funding will be used by Odeabank to invest in renewable energy projects. FMO is additional for Odeabank as they currently lack access to the wider capital market, desire to diversify their funding base and have a shortage of long term funding. FMO's facility will not displace commercial funding. Finally, the financing will have a positive contribution to at least two of the UN Sustainable Development Goals. SGD 7 (affordable and clean energy) and SDG 13 (climate action).
|Total FMO financing
|USD 7.50 MLN
|USD 25.00 MLN
|USD 22.50 MLN
- Website customer/investment
- Europe & Central Asia
- Financial Institutions
- Effective date
- End date
- Total FMO financing
- USD 35.00 MLN
- FMO NV
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)