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.
No contact information provided at the time of disclosure.
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/