Odeabank obtained a credit of 100 million Euros from the European Investment Bank (EIB) to be used in the financing needs of SMEs in Turkey.

Odeabank, the subsidiary of Lebanon based Bank Audi in Turkey, procured a credit of 100 million Euros from the European Investment Bank (EIB) to be used for financing the investment needs of SMEs in Turkey, in a period where the financing requirements of the real sector have increased due to global economic stagnation.

With the agreement signed by Odeabank Board Member and General Manager Hüseyin Özkaya and European Investment Bank Board Member and Vice-President Pim Van Ballekom on May 5 in Istanbul, Odeabank has obtained its first credit from EIB since its establishment in 2012.

Speaking at the signing ceremony, Hüseyin Özkaya stated: “The credit agreement we have signed with a large institution like the European Investment Bank is a significant indicator of Odeabank's progress in a short period of time. In addition to the 60 million Euros credit agreement we made last year with European Bank for Reconstruction and Development, we have signed another agreement for 20 million Euros with EFSE (European Fund for Southeast Europe). With this 100 million Euros credit agreement we are signing today with the European Investment Bank, we will be providing a total of 180 million Euros within a year to the SMEs that form the backbone of Turkish economy. This credit will serve important goals like the development of our SMEs by funding their new projects and thus increasing their contribution to the real economy.”

With this long-term credit it has obtained from EIB, Odeabank aims to create a substantial funding resource for enterprises that struggle to obtain credit due to economic stagnation in global markets. In July 2015 Odeabank had signed a credit agreement of 60 million Euros with the European Bank for Reconstruction and Development (EBRD) providing long-term financing opportunities for SMEs in Turkey, also creating resources for micro and small enterprises with the credit of 20 million Euros obtained from EFSE (European Fund for Southeast Europe) in December 2015. Thus, with the 100 million Euro agreement signed with EIB, Odeabank has created a total of 180 million Euros financing resource for the SMEs in Turkey within a year.