ODEABANK, Turkey’s young, dynamic and innovative player in the banking sector has signed a 5 -year tenor, USD 25 million loan agreement with FMO, the Dutch Entrepreneurial Development Bank. The funds will be used for Turkish SME’s investment financing requirements in a period when the needs of the sector have increased due to the Covid-19 pandemic.

The funds will be allocated to export-oriented and R&D focused Turkish SMEs to support their operational and investment financing needs. In addition, FMO and Odeabank agreed a trade finance facility allowing Odeabank to further support the trade-finance activities of its clients. The transaction fits in FMO’s strategy to support the private sector in Turkey with long-term financing contributing for local sustainable economic development.

Öncü: “Our support to SME’s will continue”

Odeabank CEO Mert Öncü evaluating the credit agreement, said: “In an environment where it is hard to access liquidity and FX resources due to the unpredictable and volatile environment caused by the COVID-19 pandemic, we are pleased to provide our export and R&D oriented SME clients access to new financing opportunities through the FMO funding. In addition to the 5-year, USD 25 million loan agreement, the trade finance programme will allow us to continue our support for SMEs both in terms of cash loans and trade finance transactions. Obtaining this long-term foreign financing during the current difficult environment is a clear indication of the confidence placed both in Odeabank and the Turkish Banking sector. This approach will allow Odeabank to continue providing new financing opportunities to better support the Turkish real sector.”