Odeabank, in Turkey, is launching a lending activity specifically for energy efficiency and renewable energy projects. Proparco is assisting it in setting up the activity and is providing it with long-term financing.
Odeabank was set up in 2012 and is a Turkish bank owned by Bank Audi, a Lebanese banking group which operates in the MENA region, Africa and Europe. Odeabank offers the services of a universal bank: retail banking, banking for SMEs and corporates.
Proparco’s credit line will be earmarked to finance energy efficiency and renewable energy projects. It will allow Odeabank to start its lending activity in these sectors and meet increasing needs for long-term financing.
This operation will help increase the share of renewable energies in Turkey’s energy mix, which is still largely dominated by fossil fuels. It will consequently have a positive impact on the climate by contributing to reducing greenhouse gas emissions in the country. More generally, it will encourage the banking sector to support green investments. It will also promote South-South investment in the heart of the Middle East.