Turkey's dynamic and innovative bank Odeabank has signed a brand new agreement that opens the way for foreign trade. Making an agreement with the Saudi Fund for Development, which the Saudi Export Program (SEP) belongs to, Odeabank will provide credit support for up to 3 years to companies that import from Saudi Arabia.

Odeabank, increasing its capital by 1 billion TL last year with the contribution of respected international financial institutions IFC and EBRD, had announced that it would utilize the revenue generated by the capital increase to fund SMEs. On Tuesday, March 7, Odeabank signed an agreement with the Saudi Fund for Development at Odeabank Headquarters in Istanbul to provide long term credit support acting as a guarantor to companies that import from Saudi Arabia.

In the framework of the contract signing protocol attended by SEP Director General Ahmed Al-Ghannam representing the Saudi Fund for Development which established the Saudi Export Program to promote the exports of non-oil products from Saudi Arabia and Financial Institutions and Investment Banking Assistant General Manager Alpaslan Yurdagül representing Odeabank, Odeabank will provide credit opportunities to their customers that export petroleum-derived and non-oil products from Saudi Arabia up to 3 year terms depending on the product type. Odeabank will provide intermediary services as a guarantor within the credit program.

Odeabank Financial Institutions and Investment Banking Assistant General Manager Alpaslan Yurdagül made a statement after the signing ceremony, saying: “SEP credit is given to non-petrole products originating from Saudi Arabia that have a minimum of 25 percent Saudi added value in their total value. We are happy to facilitate our customers' imports from Saudi Arabia with this credit and create financing for related products within the framework of SEP.”​