The European Investment Bank has drawn up plans to lend Toyota Motor Manufacturing Turkey (TMMT), a subsidiary of Toyota Motor Corporation, approximately 125 million euros to modernise an existing vehicle manufacturing plant in Adapazari, western Turkey, 80 miles (120km) east of Istanbul, writes Monica Dobie.
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The expanded plant would produce Toyota Corollas and would lead to the creation of roughly 850 new jobs in the area by 2005, nearly doubling staff numbers from last year#;s level of 1,150.
The project will cost an estimated 350 million euros.
“The project will give an economic impulse to the eastern Marmara region of Turkey,” said an EIB memorandum.
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