BAKU, Azerbaijan, Feb.4. The International Finance Corporation (IFC) has announced its first financing for Otokoç Otomotiv Ticaret ve Sanayi A.Ş. (Otokoç Otomotiv), a leading Turkish automotive retail and car rental company, in a bid to expand hybrid and electric vehicle adoption across Türkiye, Trend reports via the IFC.
The up-to-$150 million loan will help Otokoç modernize its fleet, invest in new technologies, and support working capital needs, while creating new jobs and strengthening local supplier capabilities through knowledge transfer, the IFC said.
“Through this investment, we aim to advance cleaner and low-emission mobility solutions while contributing to higher standards and qualified employment across Türkiye’s mobility ecosystem,” said İnan Ekici, CEO of Otokoç Otomotiv.
IFC Vice President and Chief Financial Officer John Gandolfo highlighted the project’s potential to broaden access to modern transportation and support the growth of Türkiye’s sustainable mobility sector.
Founded in 1928 as part of the Koç Group, Otokoç Otomotiv operates 302 points of sale, employs over 3,000 people, and runs car rental operations in nine countries. Türkiye accounts for more than 90% of its revenue, with a growing presence in regional markets.
The financing marks IFC’s latest effort to support private sector-led innovation and sustainability in emerging markets.