Ford Otosan Commercial Vehicles (EBRD-48889)

Countries
  • Turkey
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 22, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Ford Otomotiv Sanayi A.S.
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 163.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. Please see updated project documentation 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
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
  • European Bank for Reconstruction and Development (EBRD)
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
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.