PROJECT

Projects

Summary of Investment Information

Project Number

46286

Company Name

KARSAN OTOMOTIV SANAYII VE TICARET ANONIM SIRKETI

Date SPI Disclosed

Jan 8, 2024

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Dec 7, 2023

Environmental Category

B - Limited

Status

Active

Last Updated Date

Mar 17, 2024

Department

CM5IS - Regional Industry MAS MCT/MAS MCT Investment Services

Industry

Manufacturing

Previous Events

Approved : Dec 7, 2023
Signed : Dec 18, 2023
Invested : Mar 15, 2024

Sector

Automotive and Light Vehicle

Project Description

 The proposed investment is a senior A-Loan of up to EUR 35m (the IFC Loan) to Karsan Otomotiv Sanayii ve Ticaret A.S. (“Karsan”, or the Company), a Turkish manufacturer of conventional and electric light commercial vehicles (“LCVs”) and buses.

The IFC Loan aims at (i) refinancing Karsan’s transition to electric vehicles (“EV”) including the acquisition of EV-linked intellectual property rights; and (ii) financing working capital requirements linked to EV sales (the “Project”). 

Karsan is a manufacturer and seller of commercial vehicles and spare parts with a special focus on conventional and electric LCVs and buses. The Company operates in four main fields: (i) strategic partnerships (including manufacturing, marketing, sales, and after-sales services for brands, which target growth in the region), (ii) contract-based production (iii) original equipment manufacturing, and (iv) integrated & industrial solutions.  

Associated Advisory Engagement

   There are no Associated Advisory Services Engagements.   

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation