Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Turkey
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Netherlands Development Finance Company (FMO)
Status: Approved
Bank Risk Rating: A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-12-09
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Odeabank A.S.
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Finance
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 35.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ FMO website
Updated in EWS: 2018-01-23
ODEABANK A.S.
FMO-50197

Project Description
According to FMO website, this new "green" transaction offers FMO the opportunity to start a relationship with Odeabank in a relatively efficient way whilst fully supporting FMO's ambition of doubling impact and halving our footprint. The funding will be used by Odeabank to invest in renewable energy projects. FMO is additional for Odeabank as they currently lack access to the wider capital market, desire to diversify their funding base and have a shortage of long term funding. FMO's facility will not displace commercial funding. Finally, the financing will have a positive contribution to at least two of the UN Sustainable Development Goals. SGD 7 (affordable and clean energy) and SDG 13 (climate action). The facility is in the form of an IFC-B loan and will be wholly used to finance renewable energy projects of Odeabank, which is a strategic growth area for the bank. The facility also supports raising awareness and demand for renewable energy projects in Turkey. It will help to improve the environment, living standards and quality of life by reducing GHG emissions and other pollutants and dependence on fossil fuel and natural gas imports.
Investment Description
Contact Information
No contact information provided at the time of disclosure.