Odeabank Supports Micro Enterprises and Renewable Energy

Odeabank Supports Micro Enterprises and Renewable Energy​

Odeabank Supports Micro Enterprises and Renewable Energy

Obtaining 20 million Euros and 11 million US Dollars worth of credit from EFSE and GGF funds respectively, both secured with the financial support of the European Commision, Odeabank will support “micro and small businesses” and “renewable energy projects” in Turkey.

Odeabank, a subsidiary of Lebanon based Bank Audi in Turkey and a young player in the Turkish banking sector, has signed an agreement to obtain 20 million Euros of credit from The European Fund for Southeast Europe (EFSE) and 11 million US Dollars from Green for Growth Fund (GGF) to support micro and small enterprises as well as projects that produce electricity with renewable energy resources in Turkey. Within the context of its customer-focused banking approach, Odeabank perceives SMEs as one of its key lines of business and will provide funding for small and micro businesses in Turkey with the 20 million Euros credit obtained by its agreement with EFSE.

EFSE's CEO Monika Beck says: “Odeabank, with its loyalty to SMEs, will help us meet the financial needs of such businesses in Turkey and provide them with better service.” She adds that they are very happy to include Odeabank as one of their collaborating banks in Turkey.

Odeabank provides special services to the small and micro enterprises in Turkey through its 54 branches in 14 cities across the country, as well as through alternative channels like post offices, internet banking and mobile banking.

Odeabank's Assistant General Manager responsible for Financial Institutions and Investment Banking Alpaslan Yurdagül states that Odeabank aims to increase and diversify its support for small and micro enterprises in Turkey. He adds: “We believe that SMEs bear a special importance for improving the entrepreneurship culture, by providing a substantial contribution to women's employment. As Odeabank, we are very happy to bring a flow of funding to the SMEs in Turkey from abroad.

11 Million US Dollars Worth of Support to Renewable Energy

Odeabank plans to utilize the 11 million USD funding it receives from GGF to provide financial support for renewable energy projects in Turkey, thus contributing to activities towards reducing the carbon emission and increasing energy savings in the country. Upon the agreement with GGF the aim is to achieve 12,100 MWh of energy savings and a reduction of 2,640 metric tons in CO2 emissions with the 11 million USD of financing.

Turkey, with its potential regarding the optimization of energy production and consumption, is a country where precautions towards energy efficiency and renewable energy projects yield substantial results. Odeabank's experience in renewable energy credits and project financing increases the competitive power of many entrepreneurs in Turkey, while also expanding the financing possibilities for energy savings and protecting natural resources.” says Christopher Knowles, the President of GGF.

Starting from its establishment in Turkey in 2012, Odeabank has succeeded in becoming a notable player in the banking sector with the financing opportunities it provides to renewable energy projects, still continuing to work on sustainable credit options for such projects.

“With our 11 million USD agreement and collaboration with GGF, we have increased our support for renewable energy projects.” says Alpaslan Yurdagül, Assistant General Manager at Odeabank responsible for Financial Institutions and Investment Banking. He adds that they are happy to help increase the share of renewable energy resources in the total energy production in Turkey through the creation of new financing funds and the support of the sustainable growth of Turkish economy.

Within the scope of the collaboration with GGF, Odebank employees will receive training in eSave internet service for tracking and reporting, developed by GGF. Thus, it will be possible to evaluate the financed projects in terms of their contribution to energy efficiency and CO2 emissions. According to GGF's minimum compatibility standards the financed projects need to result in a 20% reduction in CO2 emissions and energy consumption.

About Odeabank

Odeabank began its operations in Turkey as a fully-owned subsidiary of Bank Audi on October 2, 2012, with a paid capital of 533,520,000 TL. Odeabank now operates with more than 1500 employees and 54 branches in 14 cities throughout Turkey. It is the 10th largest bank in Turkey in terms of financial balance and 8th in terms of deposit totals, with net assets of 32.8 billion TL, total credits of 21.9 billion TL and deposits of 26.2 billion TL as of the first three quarters of 2015. ​​