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
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,
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
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 www.ifc.org.