Odeabank has signed a total of 20 million Euros credit agreement with French Development Agency (AFD). The credit will be utilized in renewable energy projects and projects that improve energy efficiency.

Odeabank, the youngest and most innovative player of the Turkish banking sector, has signed a 20 million Euros credit agreement with Proparco, the private sector representative of French Development Agency. The credit, having an 8 year term with repayments starting after the second year will be exclusively used for projects on renewable energy or improving energy efficiency.

A great investment on energy efficiency

Odeabank General Manager Hüseyin Özkaya evaluated the credit agreement, saying: “Our agreement with the French Development Agency, whose international importance cannot be denied, is a sign of confidence in Odeabank. As a bank that began its operations in October 2012, we are proud to have established this amount of trust in such a short time.” Özkaya stated that credits have a big role in encouraging individuals to improve energy efficiency in their living spaces, adding that they will continue to support renewable energy and energy efficiency investments with the aim of having a positive contribution to both the economy and the environment.

Proparco also made a statement saying that the credit will contribute to the improvement of energy efficiency and energy supply diversification in Turkey, saying: “We attach great importance to supporting renewable energy projects with long-term financing opportunities. In this respect, we are proud to provide resources to the energy industry through Odeabank, a swift and important player in the banking sector.”

Odeabank, beginning its operations on October 2, 2012, after obtaining the first commercial banking licence given in the Turkish Banking Sector in 15 years, reached an net asset amount of 18.9 billion TL in just 18 months (according to the first quarter results of 2014) becoming an important player in the banking sector. In line with the strong funding support of its main shareholder, the Lebanese bank Bank Audi and a solid growth strategy, Odeabank provides a distinctive banking experience to its corporate, commercial, small business and retail customers with 44 branches and 1,266 employees across Turkey.​