The International Finance Corporation (IFC), a member of the World Bank Group, announced on Feb. 3 its first financing package for Otokoç Otomotiv — a leading automotive retail and car rental company in Türkiye — to promote wider adoption of hybrid and electric vehicles.
The IFC loan of up to $150 million aims to help Otokoç Otomotiv modernize its fleet and support working capital needs, enabling the company to expand its operations and invest in new technologies and services.
The investment is expected to create new jobs and expand employment opportunities in the mobility sector, the IFC said in a statement.
“Beyond employment benefits, the project is also expected to generate broader economy-wide gains through value addition and knowledge transfer — helping local suppliers improve their skills, adopt higher standards and enhance their overall efficiency,” it added.
By increasing the availability of electric vehicles for short and long-term rentals, in addition to automotive retailing, Otokoç Otomotiv aims to expand access to affordable, cleaner and advanced mobility options in Türkiye, according to the statement.
This will help meet growing market demand for efficient, modern transportation solutions in the country, supporting better service delivery and raising performance standards across the wider transportation sector, it said.
