Founded in 1928, Otokoç is the largest car retailer and rental company in Türkiye engaged in: (i) selling multiple international brands namely Ford, Volvo, Fiat, Alfa Romeo, Jeep, and Maserati; (ii) car rental services under major brands like Budget and Avis (iii) used car sales for sale of second hand cars defleeted from its rental segment and sourced from third parties; and (iv) other revenue streams from: car service, car spare parts sales etc. Otokoc currently operates at 405 points in 9 countries between Eastern Europe and Central Asia.

The proposed IFC financing comprises of an unsecured A loan of up to US$150 million for first tranche and up to US$450 million for all tranches in own account financing.

The proposed financing will support the company’s investment program in Turkey and in the future potentially in Kazakhstan.

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  The Project is categorized as a B. Key E&S aspects assessed during appraisal included: (i) the company’s capacity and E&S management systems to manage their operations in line with IFC PSs; (ii) fair, safe and healthy working conditions for employees and contractors , including gender-based violence and harassment (GBVH), in line with PS2; (iii) supply chain management, particularly in relation to batteries (Ford, Tofas, Jeep, Volvo, PSA group brands, TOGG, Tesla, BYD, BMW, Mercedes, Volkswagen) and risks of forced/child labor and safety; (iv) occupational health and safety; (v) waste and effluent management; (vi) resource efficiency; (vii) emergency preparedness and response plan (EPRP), including life and fire safety (L&FS); and (viii) stakeholder engagement and external grievance management.