Otokoc EV

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IFC is considering a loan of up to US$150 million (mn) or equivalent to finance Otokoç Otomotiv Ticaret ve Sanayi A.S.’s (“Otokoç” or the “company”). The proceeds of the A Loan to be provided by IFC shall be used for general corporate purposes including working capital finance and purchase of Electric Vehicles (EVs) in Türkiye and potentially in Kazakhstan (the Project).  Otokoç, Türkiye’s largest automotive retail and rental company is founded in 1928; it operates in nine countries with over 3,800 employees. It is the largest car sales, rental and sharing (rental by the hour) company in Türkiye as of 2023. Otokoç is 96% owned by Koç Holding A.S. (“Koç Holding”), whose companies (together the Koç Group) form the largest industrial conglomerate in-and economic backbone of Türkiye. IFC has supported multiple Koç Group companies including Yapi Kredi Bank, Otosan and Arçelik among others, all of which have good Environmental, Health and Safety (EHS) performances.