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Odeabank - 2023
Through its Trade Finance Guarantee program, supporting imports, Proparco is accompanying his long-term business partner, OdeaBank AS in developing its activities in Africa. Proparco will be able to issue guarantees benefiting OdeaBank AS in their trade finance operations initiated by one of the issuing banks of Proparco’s Trade Finance Guarantee program. OdeaBank is the first Turkish commercial bank to join Proparco’s Trade Finance program.

Created in 2012, OdeaBank AS, the Turkish subsidiary of Bank Audi, counts IFC and EBRD among its shareholders and is part of the top 10 Turkish banks at the end of 2022.

Already operating in the Middle East and North Africa (MENA) region, OdeaBank aims at extending its trade finance activity in Africa. The bank will be able to rely on the issuing banks network of Proparco’s program in order to increase the growth and competitivity of African SMEs.

According to Emmanuel Haye, deputy head of the financial Institutions Debt Group at Proparco “This operation will allow us to support OdeaBank in its ambitions to develop its activities of trade finance in Africa and enforce them in the MENA region. By becoming a confirming bank within our program, OdeaBank will contribute to increase essential goods flows in these regions, especially affected by supply chains disruptions.”

According to Mr. Mert Öncü, OdeaBank’s CEO“Considering Turkey’s increasing commercial relations with Africa and Odeabank’s strategy of expanding its geographic footprint, we believe joining the program will allow us to leverage on Proparco’s expertise in Africa and help us to explore new areas of cooperation and further develop existing relations with African banks.”