Istanbul, Turkey, July 20, 2020 —IFC, a member of the World Bank Group, is providing a $150 million loan equivalent in euros to Ford Otomotiv Sanayi A.Ş. (Ford Otosan) to support the further development and modernization of the automotive industry in Turkey, helping create jobs and increase the country’s competitiveness.
The financing is expected to generate both direct and indirect employment through supply-chain linkages. It will also increase the competitiveness and value-added exports of the automotive industry in Turkey through improved productivity and efficiency.
Ford Otosan will use the funds to expand its production capacity and launch new vehicle models including electric and hybrid versions. The financing will also enable Ford Otosan to increase its efficiency by investing in modernization and automation.
“Our financing will support the Turkish automotive industry in securing and further advancing its position in the global value chains as well as supporting one of its leading players, a member of the Koç Group of companies,” said Arnaud Dupoizat, IFC’s Country Manager for Turkey. “The strength of this industry is vital for Turkey to continue to create jobs and export high value-add products.”
IFC has supported private sector development in Turkey for over 50 years, with a committed exposure of over $4 billion in the country as of June 2020.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2019, we invested more than $19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
About Ford Otosan
Ford Otosan is a publicly traded company, where Ford Motor Company and Koç Holding have equal shares. Ford Otosan, one of the top three exporting companies of Turkey since 2004 with almost 11,000 employees, has achieved the status of automotive industry championship for nine consecutive years and has been Turkey’s export champion for the last five years. Ford Otosan is Ford’s biggest commercial vehicle manufacturing center in Europe. Ford Otosan R&D Center is the global hub for heavy commercial vehicles and related powertrains, and also global spoke for light commercial vehicle development and diesel powertrain engineering. For more information, visit www.fordotosan.com.tr .
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