Ford Otosan EV Syndicated Loan (EBRD-52568)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Specific Location
Kocaeli
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
  • 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
Active
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
May 26, 2021
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)
$ 213.36 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 175 million
Converted using 2021-05-26 exchange rate.
Project Cost (USD)
$ 1,083.26 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 888.5 million
Converted using 2021-05-26 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 13, 2021

Disclosed by Bank Aug 9, 2021


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Project Description

According to the Bank's website, the project provides funding to Ford Otomotiv Sanayi A.S. to finance the company's investment programme for upgrading its next generation one-tonne commercial vehicle, which will include majority battery electrical vehicles and plug-in hybrid electrical vehicle variants, in its production plants in Kocaeli, Turkey. The project will help Ford Otosan to transform its Kocaeli facilities to become the first and only integrated production centre for the assembly of electric vehicles in Turkey.

Investment Description

Up to EUR 650 million long-term loan, of which up to EUR 175 million is for the account of EBRD and up to EUR 475 million is syndicated to commercial banks.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - FORD OTOMOTIV SANAYI A.S. (Ford Otosan) Client Transport

Contact Information

PROJECT CONTACT INFORMATION

Mutlu Akpara, Senior Treasury and Risk Manager
makpara@ford.com.tr
+902165647100
http://www.fordotosan.com.tr/
Akpinar Mh. Hasan Basri Cd. No:2 34885 Sancaktepe / Istanbul, TURKEY

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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