Istanbul, Turkey, December 9, 2013—
IFC, a member of the World Bank Group, is providing a $75 million financing package to lender Odeabank, an initiative designed to expand access to finance for smaller businesses and promote cross-border trade.
IFC provided Odeabank with a $50 million loan to help it reach a greater number of small and medium enterprises (SMEs), which often struggle to find the capital they need to grow. IFC will also provide Odeabank with a $25 million credit line under IFC’s Global Trade Finance Program, which makes it easier for importers and exporters to trade across borders.
“SMEs are the life-blood of developing economies, including ours,” said Hüseyin Özkaya, Odeabank General Manager. “Supported by public and private sector collaboration, this segment is vital for helping Turkey in terms of industrialization, production, and employment.”
Odeabank’s parent company, Bank Audi, entered Turkey’s banking sector in October 2012, becoming the first bank in a decade to receive a new license from regulators. IFC’s support will help the lender expand its range of products for SMEs.
“Supporting SMEs is a key element of our global strategy as they are essential for economic development and job creation,” said Ed Strawderman, IFC Associate Director for Financial Markets in Europe and Central Asia. “This agreement will also support Turkish exports and the imports that are vital for Turkey's vibrant manufacturing sector.”
The investment is part of a wider IFC effort to encourage economic development in Turkey by supporting the country’s private sector. IFC also focuses on supporting leading regional companies as they expand into Turkey, helping to create jobs and to strengthen the country’s economic integration with Europe, and its neighbors.
IFC has been investing in Turkey’s private sector for nearly 50 years. In fiscal year 2013, IFC delivered a record
$985 million in 20 projects, supporting smaller businesses, renewable energy projects, energy efficiency, energy security, healthcare, education, infrastructure development, and cross-border trade.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit