Fleet News

Cash loan for Turkish firm

THE International Finance Corporation (IFC), of the World Bank has pumped more money into Turkish vehicle fleet management company Intercity.

It will lend Intercity $42.75 million, which follows the IFC's purchase of 20% equity earlier this year.

The latest loan, said the IFC, would 'strengthen Intercity's long-term leasing of its vehicle fleet to a variety of private sector enterprises'.

A total of $27.75 million of the new financing will be routed through venture capitalists Cordiant of Montreal, Canada, and the State Bank of India Los Angeles Agency.

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