The European Bank for Reconstruction and Development (EBRD) is providing a $163 million loan to Ford Otosan so the company can improve its commercial van line.
Ford Otosan is a joint venture between Ford Motor Co. and Turkish company Koç Holding.
With the loan, the company will be able to add new style changes and updated technology to the commercial vehicle line while also improving the production process, according to a bank press release.
Ford Otosan is the largest automotive employer in Turkey. The company will team up with educational entities to help develop a model for vocational training and skills standardization. The company aims to offer more jobs and training to youth as youth unemployment rises.
“We are very pleased to continue and deepen our cooperation with Ford Otosan," Jean-Patrick Marquet, EBRD managing director for Turkey, said in the release. "It will build on the fantastic results we have achieved so far and we aim to take this renewed partnership further, combining our finance with a special emphasis on economic inclusion in order to address labor market challenges. In addition, we applaud Ford’s commitment to sharing its vocational training practices across the industry."