7/1/2016

EBRD and IFC together will invest in Odeabank

Dunya - European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) will invest in Odeabank, a subsidiary of Lebanon-based Bank Audi Group. Once the approval procedure from regulatory bodies is completed, Odeabank will increase its paid-in capital by TRY 1 billion (USD 343 million). IFC and EBRD will participate in the capital increase by investing USD 110 million and USD 90 million respectively. The rest of the capital increase will be provided by Bank Audi and other investors from the MENA region. Bank Audi will continue to be the ultimate shareholder in Odeabank with 75 percent.

 

Odeabank will widen its financing opportunities to both small and large scale private sector infrastructure investments in Turkey. The bank also plans to invest in new technologies to support its digital banking network.

 

Besides investments in the finance sector, EBRD has also heavily invested in Turkey’s energy sector. EBRD’s Turkey investment portfolio is comprised of renewable energy investments, with a particular focus on the geothermal sector. EBRD so far invested in seven geothermal power projects in Turkey. Those projects have a combined total capacity of 279 MW, and a total investment size of USD 1.1 billion.

EBRD; IFC; Odeabank; investment; Turkey

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