Ford Otosan Commercial Vehicles (EBRD-48889)

Countries
  • Turkey
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Mar 22, 2017
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
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)
$ 163.00 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.
Currency conversion note:
Bank reported EUR 150,000,000.00
Converted using 2017-03-22 exchange rate.
Project Cost (USD)
$ 479.00 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.
Currency conversion note:
Bank reported EUR 440,000,000.00
Converted using 2017-03-22 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 4, 2017

Disclosed by Bank May 2, 2017


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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.
This project will provide a EUR150 million long-term loan to Ford Otomotiv Sanayi A.S. to finance the investment programme for the upgrade of Ford Otosan's Transit commercial vehicles as part of its medium term investment programme at its plant in Kocaeli, Turkey.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
FORD OTOMOTIV SANAYI A.S. is incorporated in Turkey for the manufacturing and selling of motor vehicles and parts. The company operates as a joint venture between Ford Motor Company and Koc Holding, with 41 per cent equity stake each; the rest of the shares are listed on Borsa Istanbul. Koc Holding is the leading industrial conglomerate in Turkey primarily focusing on the energy, automotive, consumer durable goods and finance industries. Ford Motor Company is one of the leading automotive manufacturers and distributors in the world that selling vehicles across six continents.

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.
Burak Çekmece, Treasury & Risk Manager bcekmece@ford.com.tr + 90 216 564 71 00 http://www.fordotosan.com.tr/ Akpinar Mh. Hasan Basri Cd. No:2 34885 Sancaktepe / Istanbul ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD’s own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.

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