Otosan EV (IFC-46561)

Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Specific Location
Kocaeli, Turkey
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 9, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
FORD OTOMOTIV SANAYI A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 1,054.68 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1000
Converted using 2022-12-09 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 2, 2023

Disclosed by Bank Feb 20, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Ford Otomotiv Sanayi A.S. is a leading automotive manufacturer and is an existing IFC client. The IFC investment is of to USD 250 million to partially fund Otosan’s multi-year, €1.0 billion investment program to expand the production of its new Ford Transit Custom commercial vehicle, a one-ton, medium-sized electric vehicle manufactured at the Yeniköy plant in Türkiye

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to the IFC, currently, 18% of the Company's shares are publicly listed in Borsa Istanbul, while the remaining 82% is owned jointly by Koc Holding A.S. and Ford Motor Company.
Koc Holding is majority owned by the Koc family of Turkey and the remaining shares (c. 26%) of Koc Holding are publicly listed. Koc Holding is the leading industrial conglomerate of Turkey, mainly engaged in five sectors namely, energy, automotive, consumer durables, and finance.

Ford Otomotiv Sanayi A.S. (Otosan or the Company - https://www.fordotosan.com.tr/en) is a leading automotive manufacturer. The Company is a JV between Koç Holding A.S. and Ford Motor Company and is also publicly listed at Borsa Istanbul (Istanbul Stock Exchange). The Company is headquartered in Istanbul and has research and development, production, and distribution facilities in Turkiye and Romania. 

The Company, in its four plants, produces passenger vehicles, medium and light commercial vehicles as well as trucks. The production complex in Kocaeli is the largest commercial vehicle production base of Ford in Europe, consisting of Golcuk and Yenikoy plants located next to each other, launched in 2001 and 2014 respectively.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Ford Motor Company Investor Industry and Trade
- - - - FORD OTOMOTIV SANAYI A.S. (Ford Otosan) Client Industry and Trade
- - - - Koc Holding AS Investor Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Client - Ford Otomotiv Sanayi A.S.:

Cemal Cenk Tarhan - Treasury Manager
Phone: +90 262 315 5000
Email: ctarhan@ford.com.tr
Address: Akpinar Mah. Hasan Basri Cad. No: 2, Sancaktepe, 34885, Istanbul, Turkey
Website. www.fordotosan.com.tr 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works