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The International Finance Corporation (IFC), the private investment arm of the World Bank, has signed off on a $150 million loan for Otokoc Otomotiv, one of Türkiye’s biggest automotive retailers and car rental operators.
The deal aims to speed up the company’s shift toward electric and hybrid vehicles while also creating jobs across Türkiye’s mobility sector.
With the new funding, Otokoc plans to upgrade its fleet and grow its rental and retail operations by adding more electric vehicles for short- and long-term use to meet rising demand for cleaner transport in Türkiye, according to the statement from IFC.
"Our first collaboration with IFC marks an important milestone in Otokoc Otomotiv’s longterm growth journey and our ambition to shape the future of mobility," said Otokoc CEO Inan Ekici.
"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."
Beyond fleet upgrades, the investment is expected to bring wider benefits to the economy. IFC noted that the project will create new jobs and improve employment opportunities across the mobility sector.
"By supporting efforts to broaden access to modern transportation and promote local employment, we are aiming to drive progress toward a more sustainable and innovative mobility sector in Türkiye," said John Gandolfo, IFC’s Vice President and Chief Financial Officer.
Founded in 1928, Otokoc is a subsidiary of Turkiye’s largest conglomerate, Koc Holding, and offers services under brands such as Otokoc, Avis, Budget, Maestro Fleet Management, and Otokoc Sigorta, spanning second-hand vehicle sales, online auctions, and spare parts distribution across 302 points of sale in nine countries, with a workforce of over 3,000 people. In 2024, the company generated ₺146.38 billion ($4.45 billion) in revenue.
IFC has worked in Türkiye for over 50 years, backing local banks, companies, and projects across many sectors. Over the past decade, it has invested more than $25 billion in the country’s private sector. As of late 2025, Turkiye ranks among IFC’s top three global markets, with around $6.4 billion in committed exposure.
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