As stated on the project disclosure page, FMO will provide a Trade Finance facility of USD 10 million with issuing bank Odea Bank (Turkey) under the Trade Finance program.
Odea Bank needs increased Trade Finance limits to support exporting SMEs in Turkey. Exports are also essential for the country to address its current account challenge (as an energy importing country).
As stated by the FMO, Odeabank is a universal mid-sized bank, and despite being established in 2012, ranks among the top 15 banks in Turkey. It has been established by Bank Audi, the largest bank in Lebanon and now active in 11 countries. Turkey is the largest foreign franchise with a focus on mid-size companies with international links and an innovative fintech brand image.
No project contact information provided at the time of disclosure.
Financial Intermediary - OdeaBank S.A.:
Address: Odeabank Head Office, Esentepe Mahallesi Buyukdere Cad. Levent 199 Apt. No:199/119 Sisli / Istanbul Turkey
Phone: +90 212 304 84 44
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/